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Markets close deep in the red
Mon, 20 Apr Closing

The Indian markets ended deep in the red today due to multiple worries. A possible exit of Greece from the Euro zone, the logjam in Parliament over the land Bill as well as the government's tax notice to FIIs all weighed down on sentiment. The BSE Sensex ended down 1.95% while the NSE-Nifty ended down 1.83%.

The broader markets did not fare any better. The BSE Mid Cap index ended down 2% while the BSE Small Cap index ended down 2.2% today. All sectoral indices ended in the red today. The losses were led by engineering and auto stocks. The rupee was trading at 62.91 to a dollar.

Software stocks too faced heavy selling pressure today. HCL Technologies and Wipro led the list of losers. India's third largest software firm Wipro stated that they are seeing significant opportunities in the Indian government's drive to use open source software in its Digital India initiative. Wipro believes that this single initiative will go a long way to make the Digital India a success. Indian IT firms can certainly benefit from the same. Currently, the Indian market contributes about 5% of total revenues for the industry. This could rise significantly in the future if the Digital India drive is successful. Wipro ended the day lower by 2%.

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