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    Sensex sees some recovery after falling nearly 400 points

    Sensex sees some recovery after falling nearly 400 points

    Indian markets recovered from lows after falling sharply in early trade. Sensex was down about 140 points to 40,728. In early trade, Sensex had slumped nearly 400 points tracking a decline in global markets after Iran fired missiles at multiple bases housing US troops in Iraq. The broader Nifty was hovering around 12,000. Global financial markets have been on edge about the possibility of further escalation in US-Iranian conflict and disruption of oil supplies since last week's killing of General Qassem Soleimani in a US drone in Baghdad.

    Back in India, the government on Tuesday released first advance estimates of GDP numbers for the current financial year (2019-20) pegging the growth at 5%.

    "The FY 20 GDP growth estimates at 5% is on expected lines. The 5% print will put strain on the fisc forcing the govt to cut down on expenditure in Q4. This will further delay the recovery in growth. The growth recovery expected from Q1 FY 21 will be weak and slow," said VK Vijaykumar, chief investment strategist at Geojit Financial Services.

    Among the Sensex stocks, Kotak Mahindra Bank, HDFC Bank, SBI, Axis Bank and L&T were down betweeen 1% and 1.5%. Some buying was seen in IT stocks amid a fall in the rupee. TCS and Tech Mahindra shares were in the green. ICICI Bank and RIL shares also saw some buying and were in the green.

    The rupee also fell against the US dollar today to 72.03/USD as oil prices spiked to $71.75 a barrel.

    In other Asian markets, Tokyo's stock market benchmark fell nearly 2% and Hong Kong's was off nearly 1%. Shanghai, Sydney and Southeast Asian markets also retreated.

    The Pentagon said Iran fired more than a dozen missiles at bases in Iraq used by US troops. President Donald Trump tweeted “All is well!" and that casualty and damage assessments were ongoing.


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