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Indian markets experienced a notable decline today, with several stocks including Gangotri Text hitting their 52-week lows by 11:20 AM IST. The downturn affected major indices, with both the NSE Nifty and impacted by the downward trend. In contrast, some companies like Crest Ventures bucked the trend, reaching their 52-week highs amidst the market fluctuations.
Coal India Ltd stood out as one of the top gainers on the National Stock Exchange (NSE), while SBI Life Insurance Company Limited faced a setback as one of the top losers. This market activity comes after a positive start to Samvat 2080, the traditional New Year for trading communities in India, which commenced on Sunday with a Muhurat trading session that saw gains for India’s stock benchmarks.
The festive season has brought about a significant increase in online shopping, with a particular boost in electronics sales. This surge is attributed to the Diwali celebrations, a time when consumers traditionally make significant purchases.
Moreover, recent developments in the legal landscape are poised to affect the banking sector. The Supreme Court has issued an order that allows bankruptcy proceedings against guarantors of loans tied to defaulting companies. This move is anticipated to expand banks’ avenues for recovering bad loans, potentially improving their financial health and impacting related stocks.
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