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Sensex Corrects Over 600 Points; Private Bank & IT Stocks Under Pressure
Wed, 25 Nov 02:30 pm

Share markets in India have extended losses and are presently trading deep in the red, dragged down by financials and IT stocks.

After opening the day marginally higher, benchmark indices retreated from record highs as an early rally in Asian equities faltered.

Investor sentiment dampened after it was reported that more than 100 companies are being probed for allegedly inflating their bottom-lines by not passing on the Goods and Services Tax (GST) relief to consumers, the intended beneficiary of several rounds of tax reductions since 2017.

Reportedly, most of the ongoing investigations by the Directorate General of Anti-Profiteering (DGAP) are against real estate developers, fast food joints and cinemas.

The BSE Sensex is trading down by 608 points, down 1.4%. Meanwhile, the NSE Nifty is trading down by 164 points.

Both, the BSE Midcap index and the BSE Smallcap index fell over 1.2%.

Shares of Kotak Mahindra Bank fell over 3.5%, while Axis Bank, HDFC Bank, and Infosys fell over 2%.

All sectoral indices are trading in red with stocks in the banking sector and telecom sector witnessing most of the selling pressure.

More details to follow in the upcoming commentary.

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