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Indian Stocks Slip on Profit-Booking

25 Jun

Summary

GIFT Nifty indicates a likely dip in Nifty 50's performance.
Domestic equity benchmarks fell significantly on Tuesday.
IT and metal stocks heavily influenced the market's decline.

Indian equity benchmarks faced a decline on Tuesday, with the NSE Nifty 50 closing at 23,824.10 and the BSE Sensex at 76,200.68, both down 1.16%. The GIFT Nifty, an early indicator for the Nifty 50, traded lower at 23,862.

This downturn was largely attributed to significant selling pressure in prominent IT and metal stocks. The market sentiment was also affected by recent weak business activity data and apprehension regarding the progress of the monsoon season. These factors triggered profit-booking across the broader market following a recent upward trend that was previously supported by low oil prices.

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