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Sensex Slips 200 Points, Nifty Below 14,400 In Morning Trade

ICICI Bank, HDFC Twins and Bajaj Finance were the top drags for Sensex at the market opening on Friday.

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Indian benchmark indices continued their losing streak at the market opening as they opened lower on Friday, April 23 tracking declines in index heavyweights like ICICI Bank and HDFC.

A continued spike in the Covid cases which crossed three lakh for the second consecutive day, an overnight fall in the U.S markets, and further weakness in the rupee has hit the sentiment on the D-Street, said experts.

Tracking the declines in Banks and Financial shares in the pack, the 30-share Sensex slipped 184.33 points to open at 47,896.34. The index marked losses in 24 shares out of 30 at the market opening with ICICI Bank, HDFC Twins, and Bajaj Finance being the top losers as they plunged over a per cent each.

Similarly, the Nifty-50 index opened lower by 66.80 points at 14,339.40. Overall, about 1005 shares advanced, and 555 shares declined in the NSE at filing.

All equity markets over the globe marked losses on Thursday after Wall Street plunged heavily on the proposal to increase capital gains tax by the Biden administration. The Asian markets also declined heavily tracking the losses in the U.S markets overnight.

In the domestic trading, all major sectors were trading negative except for the Pharma, Metal, and Energy sector in the early trade on Friday. The Metal index surged over a per cent led by advances in shares of SAIL(+1.91 per cent) and Tata Steel(+1.77 per cent).

Among the individuals, shares of Power Grid Corp zoomed over four per cent and bagged the top gainer of the index in the energy space after the company said it is preparing for the first-ever InviT(Infrastructure Investment Trust) IPO by a state-owned firm on April 29.

However, the broader markets performed well too as the BSE Midcap and Smallcap gained nearly a per cent each in the early trade. Shares of Confidence Petroleum jumped over 15 per cent in the Smallcap space and emerged as the top gainer of the space.

On April 22, FIIs (Foreign Institutional Investors) net sold shares worth Rs 909.56 crore, and the DIIs (Domestic Institutional Investors) net purchased shares worth Rs 849.98 crore in the Indian equity market, as per the provisional data available on the exchanges. 

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