Sensex extends losses, Nifty Bank tanks 600 pts; Tata Steel dips

Equity benchmarks extended losses in afternoon trade as investors continued to assess the impact of demonetisation on company's earnings and economy. Some brokerages started lowering earnings estimates as well as GDP forecast. The government’s demonetisation drive brings in big challenges to growth in FY17 and FY18, global investment banking firm Jefferies has said in a report. It has also reset Nifty target at 7500. The 30-share BSE Sensex was down 386.41 points or 1.48 percent at 25763.83 and the 50-share NSE Nifty fell 137.70 points or 1.71 percent to 7936.40. The BSE Midcap index shed 2.65 percent and Smallcap tanked 3 percent as six shares declined for every share rising on the exchange. Bank Nifty plunged 600 points as Bank of Baroda, PNB, Federal Bank, Canara Bank, Yes Bank, SBI and IndusInd Bank were down 5-8 percent. Tata Group stocks like Tata Steel and Tata Motors fell nearly 4 percent.

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