Sensex down more than 100 points; Tata Steel, HDFC, SBI Top losers

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Metals stocks including Tata Steel, Hindalco and JSW Steel lost 3-6% each to BSE

Benchmarks are hovering slightly in the red, in the middle of a volatile trading session, due to weakness of index heavyweights such as Tata Steel, HDFC and SBI. BSE Sensex has hovered in a nearly 700 point range between an intraday high of 59,202.56 and a low of 58,525.89 and is currently trading at 58,906.75, down 106.28 points or 0.18% and the NSE Nifty is at 17,526, down 59.50 points or 0.35 percent.

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The larger markets are also trading in the red, with the BSE Midcap Index and the BSE Smallcap Index losing 0.5% each.

The Sensex lost as much as 490 points to an intra-day low of 58,525.89 on the opening of the bell before erasing all losses and turning positive, albeit momentarily.

In the currency market, the rupee depreciated 34 paise to 73.82 against the US dollar, following a strong greenback in the overseas market. At the interbank exchange level, the rupee opened at 73.82 against the dollar, registering a decline of 34 paise since the last close.

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Among individual stocks, Tata Steel plunged 6% to Rs 1,301 to top the list of BSE losers. Other metals stocks are also trading weakly, with Hindalco and JSW Steel losing 4% and 3% respectively on BSE. HDFC, SBI and Dr Reddy’s also lost 1-2 percent each on BSE.

On the other hand, Hindustan Unilever gained 2.5% to Rs 2,793 to top the list of BSE winners. Bajaj Finserv, ITC and HCL Tech are the other big winners of the Sensex pack. ITC hit a 52-week high of Rs 239 earlier today, making it roughly 10% of the gains over the past week.

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Among stocks in the news, Lupine fell 3.23% to an intra-day low of Rs 913 after the company informed the exchanges that the US drug regulator US Food and Drug Administration (US FDA) has carried out an inspection at its factory in Goa with seven findings.

The overall scale of the market is negative as 1,972 shares fell on BSE against 1,324 advances.

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