After touching a low of 48,580.80, the 30-share BSE index was trading 1,254.49 points or 2.51 per cent lower at 48,775.34, while NSE Nifty sank 349.40 points or 2.35 per cent to 14,517.95.
Indian equity indices conquered new peaks Tuesday, as banking, FMCG and auto stocks saw heavy buying amid optimism over Covid vaccine progress and unabated foreign capital inflows.
A combination of better-than-expected earnings, completion of US presidential voting & progress toward a Covid vaccine helped propel the Nifty 50 index to new highs this week.
IndusInd Bank was the top gainer in the Sensex pack, rallying 5.93 per cent, followed by Reliance Industries, Axis Bank, Kotak Bank, Bajaj Auto and HCL Tech.
In opening session, both indices plunged over 10 per cent, hitting their lower circuit levels, as new coronavirus-led recession fears triggered panic selling in the market.
The reach and impact of influencers are so significant that even politicians such as Prime Minister Narendra Modi have recognised their value—the National Creators Award is proof.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
Both the governments expressed their commitment to strengthening their maritime cooperation to strengthen the maritime safety and security framework in the region.
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