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Stocks sold for buying gold

Mon, Feb 08, 2016, 06:04 PM
Late afternoon cues from weak European markets, coupled with heavy selling in the frontline blue chip stocks in the last hour of trade, dragged the benchmark indices BSE Sensex and NSE Nifty down over one-and-a-half percentage points on Monday.
The BSE Sensex closed 329.55 points down at 24287.42. On the National Stock Exchange (NSE), the 50-share Nifty closed at 7,387.25 with a loss of 101.85 points or 1.36 per cent.
In the 30-share index Sensex, shares of Tata Motors slid the most — 3.94 per cent, followed by TCS (down 2.75 per cent) , ITC (down 2.72 per cent), ONGC (down 2.43 per cent) and Sun Pharma (2.42 per cent).
On the other hand, Axis Bank, State Bank of India and Bharti Airtel gained 2.38 per cent, 2.29 per cent and 1.27 per cent, respectively.
The stock market experts say the monies from stock selling are being invested in gold, as the commodities experts are predicting gold prices would double from the present to Rs.50,000 per 10 gms eventually.
Agency: Ap7am Desk

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