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An evening walk down Dalal Street | Sensex sinks 464 pts amid H1-B visa woes and NBFC crisis; RIL drags

The market extended losses on Friday with the Sensex shedding more than 600 points intraday, dragged by index heavyweights Reliance Industries, HDFC and Infosys. Reliance mixed Q2 earnings, likely change in H1-B visa norms by Trump Administration, liquidity concerns in NBFCs and weak global cues dented investors sentiment. The 30-share BSE Sensex fell 463.95 points or 1.33 percent to close at 34,315.63 and the 50-share NSE Nifty slipped 149.50 points or 1.43 percent to 10,303.50. For the week, frontline indices dropped 1.2 percent and 1.6 percent respectively. “The ongoing turmoil led by financial crunch in the domestic economy, global risk-off and worries over upcoming elections is likely to maintain its burden in the equity market,” Vinod Nair, Head Of Research at Geojit Financial Services told Moneycontrol. He said at the same time, it is possible that a good portion of the above mentioned risk factors have been digested by the market and the upcoming impacts will depend on developments like stability in global bond yield & trade war. Hence, he advised it will be wise to start with a mix of high quality sectors and stock ideas available at cheaper valuation compared to the averages of last 3 years. The India Volatility index moved near 20 levels again. Spurt in volatility after the dips of last few sessions suggests that upside could be restricted again in the market, experts said. India VIX jumped 10.7 percent to 19.90. The market breadth was in favour of bears as about two

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