Market breathes negative with Nifty 7,750, Sensex down over 200 points

Pairing up with the intraday losses, the Sensex traded with a negative bias in tracking the trend seen in other Asian markets amid weak global cues.

Nifty index was testing its crucial level of 7,750. The losses were led by intense selling observed in banking stocks like ICICI Bank, HDFC Bank and SBI.

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The overall market bleeds red with seven of every 10 BSE stocks quoting in the red.

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The Midcap Index witnessed a downfall of 0.12 per cent and Smallcap Index edged lower by 0.77 per cent.

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On global front, Asian markets were trading with a negative bias after Standard & Poor's downgraded Brazil's credit rating to junk grade earlier today.

 

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Concerns over downgrading Brazil's rating to junk by Standard & Poor's is fearing possible rate hike by the US Federal Reserve.