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Markets retreat from record highs on Trump tremors
Equities went into a tailspin on Thursday after a three-session surge, with benchmark Sensex plunging 224 points and Nifty closing below 9,500, as global markets were roiled by the latest crisis surrounding US President Donald Trump.
Asian markets nosedived, tracking the biggest single- session slump in US shares in eight months yesterday on fears that the controversy over the firing of the FBI chief may scuttle Trump’s pro-business agenda and even lead to his impeachment, brokers said.
The global volatility added to the caution in domestic market, which was already in an over-bought position following the recent record-setting spree and succumbed to profit booking, they added.
The 30-share Sensex stayed in the negative zone throughout the session and hit a low of 30,393.72, before settling at 30,434.79, down 223.98 points or 0.73 per cent.
It had gained 470.62 points back-to-back in the previous three sessions to hit record highs.
Likewise, the 50-scrip NSE barometer Nifty plunged 96.30 points, or 1.01 per cent, to close at 9,429.45 after shuttling between 9,418.10 and 9,489.10.
Foreign portfolio investors (FPIs), after remaining buyers for the past few sessions, sold shares worth a netRs Rs 731.39 crore yesterday, as per provisional data. Domestic investors, on the other hand, purchased shares worth a net Rs 614.51 crore.
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