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Market Update: India Shares Drop to Near 2-Week Low
The BSE SENSEX shed 230 points or 0.4% to a near two-week low of 52,114, mirroring a pull-back in Wall Street on Friday, amid an indication that the US Federal Reserve might raise interest rates sooner than expected. Meantime, St. Louis Fed President James Bullard said that the first-rate increase may come as soon as next year. On the pandemic front, health authorities in India on Monday said that the number of people who tested positive for the coronavirus has grown by 53,256 during the past 24 hours, the lowest in 88 days, bringing the total count reaching 29.93 million. PNB Housing Finance Ltd sank 5% to hit its lower circuit limit after the countrys markets regulator asked the company to put on hold a share allocation to a clutch of investors led by private equity firm Carlyle Group, reported Reuters. [/s2If]
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