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Live Market Updates: Sensex, Nifty continue to fall 2%; bank, metals, oil bleed


TheNewsInternational Team

11:10 am Is it time to panic again?

“This too shall pass,” is how Ramesh Damani, Member, BSE chooses to describe the current distress. Indian equities have three key factors to watch for, namely, US Fed meet, China and RBI. The market will start rebounding once Fed meet is out of the way, a confident Damani told CNBC-TV18.

Another market guru who is not ready to believe in the doom story is Madhu Kela, Chief Investment Strategist at Reliance Capital. Of course he knows that a fall of this magnitude in a very short time unnerves even a very sophisticated investor, let alone retail investors, yet he urged retail investors not to miss the bus. One must remember India story is well discovered and a correction of this scale is extremely beneficial for long-term investors, he said.

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Continous heavy selling keep the market wobbly on Friday. The Sensex is down 516.71 points or 2 percent at 25248.07 and the Nifty is down 163.60 points or 2 percent at 7659.40. About 293 shares have advanced, 1809 shares declined, and 56 shares are unchanged.

Cipla and Lupin are only the two Sensex gainers. Tata Steel, Tata Motors, Vedanta, Hindalco and ICICI Bank are major laggards in the Sensex.

Oil prices edged lower in cautious Asian trade today as investors await the release of a US jobs report for August that could determine the Federal Reserve’s timetable for hiking interest rates. A rate hike would likely strengthen the greenback, making dollar-priced oil more expensive to holders of weaker currencies, hurting demand and prices. However, Ang said crude retained some support after the European Central Bank (ECB) on Thursday indicated more stimulus could be on its way for the eurozone.

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