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Sensex suffers over 450-point cut, Nifty plunges to 5050

MUMBAI: The Sensex continued to trade sharply lower though there was a bit of buying at lower levels. The Nifty hasnt had a chance since morning to climb above the 5100-mark. The rating agency downgraded by a notch to AA+ from AAA. All the sectoral indices were in the red and the benchmarks slipped to crucial support levels. The S&P on Friday downgraded the long-term debt rating of the US from AAA to AA+ and continued with its negative outlook. This could lead to some immediate turbulence in financial markets, however, investors are likely to focus on relative ratings in their investment decisions. With no precedence of such an event, financial markets could take some time to factor in the implications. In the meanwhile, asset allocation in the immediate near term may be biased more towards gold. Indian equities could also see a downward momentum as risk aversion remains a dominant theme. Reflecting this, INR could also see some depreciation bias in the near term, said Kotak Securities report. At 10:15 am; National Stock Exchanges Nifty was at 5066.05, down 145.20 points or 2.79 per cent. The broader index touched a high of 5096.40 and low of 5054.05 in trade so far.

                                                                                                               
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