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Sensex, Nifty Succumb To Global Selloff

Indian shares continued to plunge on Tuesday, tracking weak global markets on concerns about rising inflation and potentially higher interest rates.

Growing concerns over fiscal slippage and the return of the long term capital gains tax on equities in the Budget also weighed on markets ahead of the RBI policy review due this week.

The benchmark BSE Sensex ended down 561.22 points or 1.61 percent at 34,195.94, extending losses for a sixth consecutive session. Earlier in the day, the Sensex fell nearly 1,300 points to hit a low of 33.483.

The broader Nifty index fell by 168.30 points or 1.58 percent to 10,498.25, with Kotak Bank, Hero MotoCorp, Aurobindo Pharma, UPL, Cipla, TCS, Tech Mahindra, HCL Technologies, Tata Motors and Lupin closing down 2-7 percent.

The market bloodbath has wiped out a staggering Rs 9.6 lakh crore from investor wealth in three days.

Commenting on the market crash, Finance and Revenue Secretary Hasmukh Adhia said that the domestic market was mimicking weakness in global markets and it cannot be attributed to LTCG tax levied in the Budget.

He also added that capital market regulator SEBI is keeping a close watch on the stock market decline.

by RTT Staff Writer

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