Sensex plunges 500 points, Nifty breaks 10,550; midcaps crack
Shares of Indian Oil Corporation (IOC) gained 2 percent in the early trade on Monday as the company is going to consider buyback of its equity shares.
The board meeting of the company is scheduled for December 13 to consider and approve the buyback of the fully paid-up equity shares of the company of face value of Rs 10 each. Equity benchmarks have plunged over a percent in morning trade, with the Nifty giving up 10,550 in the opening. Exit poll results, as well as weak global cues, could have weighed on indices. source- www.moneycontrol.com
The Sensex is down 502.05 points or 1.41% at 35171.20, while the Nifty was down 156.60 points or 1.46% at 10537.10. The market breadth was negative as 116 shares advanced, against a decline of 465 shares, while 33 shares are unchanged.
Selling was visible across all sectors, with metals, infrastructure, automobiles, banks, and pharmaceuticals being the top losers. The Nifty Midcap index is down around 2 percent. Wall Street’s main indexes fell more than 2 percent on Friday in a broad sell-off led by declines in big Internet and technology shares and posted their largest weekly percentage drops since March as concerns over US-China trade tensions and interest rates convulsed Wall Street.
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