Sensex Drops Over 200 Points, Nifty Near 13,050; Financial, IT Stocks Fall

Domestic stock markets pulled back on Wednesday from record closing highs hit in the previous session, with banking stocks slipping ahead of a top court hearing on loans under moratorium. The S&P BSE Sensex index dropped 94.93 points – or 0.21 per cent – to 44,560.51 at the weakest level recorded in early deals, and the broader NSE Nifty 50 benchmark slid to as low as 13,087.80, down 21.25 points – or 0.16 per cent – from its previous close. Selling pressure in financial and IT stocks pulled the markets lower, however gains in automobile and metal shares limited the downside. Analysts awaited the RBI Governor-led Monetary Policy Committee’s review statement due later this week for near-term cues.

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