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Sensex, Nifty take sharp plunge as banking, financial stocks come under selling pressure

04:00 PM Jul 19, 2021 | FPJ Web Desk

Nifty gapped down by over 130 points today over rising COVID and inflation figures. Nifty has managed to stay above its key support of 15,600. Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "traders are advised to book profits on every rise till the time Nifty closes above 16,000 levels and exit longs if nifty closes below 15,600. Overall it's a range-bound market and 15,600 and 15,950 are key support and resistance levels. "

Domestic equities fell sharply on weak global cues as concerns over recent rise in fresh COVID-19 cases in various part of the world including the US weighed on sentiments, said Binod Modi, Head - Strategy at Reliance Securities.

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"Financials have witnessed steeper correction today as subpar performance delivered by HDFC Bank in 1QFY22 and visible deterioration in asset quality created apprehension among investors about banks and NBFCs having exposure in retail and SME.

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"Further, auto and metal indices also corrected over 1 per cent. Barring realty and pharma, most key sectoral indices witnessed contraction. Profit-booking was visible in mid-cap and small-cap stocks also, while volatility index hardened over 8 per cent," he noted.

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