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Sensex, Nifty fall as sell-off in banks continues

Reuters/Bengaluru
Filed on November 13, 2020

Private-sector lenders IndusInd Bank, ICICI Bank and Axis Bank fell over 1.3 per cent each.

Indian shares fell on Friday as investors continued to lock in gains on bank shares following a sharp rally, while assessing retail inflation data that was higher than the central bank’s target.

The NSE Nifty 50 index was down 0.5 per cent at 12,625.4 by 0351 GMT and the benchmark S&P BSE Sensex fell 0.52 per cent to 43,113.38. The two main indexes, however, were on track to post gains for the week.

The Nifty banking index, which posted gains of over 20 per cent in an eight-day winning streak until Wednesday, was down 1.3 per cent in early Friday trading.

Private-sector lenders IndusInd Bank, ICICI Bank and Axis Bank fell over 1.3 per cent each.

Meanwhile, India’s retail inflation was over 7 per cent in October for a second straight month and remained above the Reserve Bank of India’s (RBI) target of 2 per cent-6 per cent, giving the central bank little room to cut rates.





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