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Sensex Corrects Over 550 Points; Banking Stocks Under Pressure
Fri, 14 Aug 02:30 pm | Monish Vora, TM Team

Share markets in India have erased all the early gains and are presently trading deep in the red, on signs of escalating US-China tensions.

Losses are also seen as India's retail inflation rose to 6.93% in July on higher food prices, remaining above the RBI's medium-term target for a 10th straight month, according to government data released on Thursday.

European markets opened in the red with FTSE and CAC down over 1% each.

The BSE Sensex dipped over 600 points to 37,660 levels after reaching as high as 38,540 earlier in the session.

Presently, the BSE Sensex is trading down by 544 points. Meanwhile, the NSE Nifty is trading down by 149 points.

Sectoral indices are trading on a negative note with stocks in the banking sector and finance sector witnessing most of the selling pressure.

Telecom stocks are in focus ahead of the Supreme Court (SC) hearing of the AGR case today at 3 pm and SC might give a verdict on the subject of staggered payments.

More details to follow in the upcoming commentary.

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