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Sensex ends 205 pts lower after IMF cuts growth forecast
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SME Times News Bureau | 21 Jan, 2020
The benchmark Sensex on Tuesday closed 205 points lower after the
International Monetary Fund (IMF) slashed India's 2019 growth estimates
from 4.8 per cent from 6.1 per cent for the current fiscal year.
Auto
and manufacturing sector stocks lost the most during the trade session.
While the Nifty auto index closed 1.28 per cent lower, the Nifty metal
index lost 1.27 per cent.
Globally, Asian markets, especially the
Hang Seng index, fell sharply after Moody's Investors Service
downgraded the city's rating. The IMF has also lowered the growth
estimate of India to 4.80% for 2019, which prompted investors to resort
to profit-taking," Shrikant Chouhan of Kotak Securities said.
Sensex
closed 205 points lower at 41,323.81 after hitting an intra-day high of
41,532.59 and a low of 41,294.30. The Nifty closed at 12,169.85, lower
by 54.70 points.
However, the broader market continued to
outperform benchmarks with Nifty Midcap 100 down 0.1 per cent while
Nifty Smallcap 100 closing higher by 0.1 per cent.
Vinod Nair of
Geojit Financial Services said that some subdued results in Q3 compared
to the solid expectation has triggered a consolidation in the market.
"We
believe this is a rational reaction of the market which will hold in
the short-term and can reverse as per the final outcome of Budget &
Q3FY20 results," Nair added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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