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Closing Bell: Sensex gives up morning gains, plunges 765 points; Nifty at 17,190

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Share markets plunged over 1 percent Friday as index heavyweights pulled down the benchmarks. Market breadth favoured advances in the session, though, as five stocks rose for every 4 that fell. However, a 3 percent hike in Brent crude lifted stocks like Shree Cement, UPL, BPCL, IOC, ONGC higher.

Closing Bell: Sensex gives up morning gains, plunges 765 points; Nifty at 17,190
The Indian equity benchmark indices erased opening gains to end over 1 percent lower, dragged by the likes of Reliance Industries, Kotak Mahindra Bank, HDFC, Infosys, and HDFC Bank.
The 30-scrip Sensex closed at 57,696, as it declined 765 points and the Nifty50 index fell over 200 points to end at 17,196. The broader markets closed mixed as midcaps ended flat and smallcaps surged 0.8 percent. Market breadth favoured advances in the session, though, as five stocks rose for every 4 that fell.
Among the 50 stocks on Nifty, Shree Cement, UPL, BPCL, IOC, ONGC, and IndusInd Bank led the gains, as each scrip rose over 0.75 to 2 percent. The crude oil benchmark, Brent crude, surged over 3 percent to make oil and gas stocks the top gainers in today's session. Leading the losses were Power Grid, Reliance, Kotak Mahindra Bank, Asian Paints, and HDFC Life.
Among sectors on NSE, a strong rally was seen in Nifty Media, as it rose over 1.5 percent. Indices like healthcare, FMCG, financial services declined over 1 percent. Nifty IT, Bank, Auto, Metal all closed the day in the red.
Globally, Europen shares opened firm, shrugging off weakness in Asia as markets appeared to be slowly accepting the possibility of more COVID-linked activity curbs and an accelerated pace of stimulus tapering by the US Federal Reserve.
Wall Street futures were flatlining, after early big falls triggered by news that Chinese ride-hailing giant Didi will move its stock market listing from New York to Hong Kong. S&P 500 futures recovered to around flat after trading half a percent lower earlier, though the tech-sensitive Nasdaq was still down 0.2 percent.
Global markets have had a rough week, but more volatility may be ahead with the release of US monthly payrolls data later in the session.
The mood has improved somewhat since the Asian session which saw an index of shares ex-Japan tumbling half a percent and Hong Kong tech shares at a two-month low.
Finally, oil prices steadied, with Brent crude futures at $70.89 per barrel. But they are on course for a 2.5 percent weekly fall and are nearly 20 percent below three-year peaks hit in October.
With inputs from Reuters
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