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Sensex drops over 250 points led by HDFC Bank, Reliance, ICICI Bank

Equity benchmark indices opened in the negative zone as selling pressure was seen in HDFC Bank, Reliance, ICICI Bank, TCS, and SBI.

Hero MotoCorp stock fell 1% on the back of its manufacturing facilities being closed from August 15-18, closure is, however a part of holiday calendar but also reflects prevailing demand scenario.

The Sensex was down 263 points at 37,048, while the Nifty fell by 79 points to trade at 10,949 levels.

India VIX is trading 5.41% higher at 17.24.

Yes Bank, pursuant to the allotment of its equity shares on August 15, 2019, has raised Rs1,930cr through the Qualified Institution Placement (QIP) route. The stock gained 2%.

On the sectoral front, metal, media, IT, Banking and realty indices fell over 1% each.

The Indian rupee opened lower against 71.38 against the greenback.

Meanwhile, Asian markets saw a relatively stable day yesterday as the Hong Kong markets closed in the green despite most other Asian indices succumbing to the US sell-off.

Further, crude oil prices rose after two days of declines, on the back of data showing a rise in US retail sales helped ease some concerns about a recession in the world’s biggest economy. 

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