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The Sensex is down 143.34 points or 0.6 percent at 23048.63, and the Nifty slips 48.40 points or 0.7 percent at 6999.85. About 332 shares have advanced, 1156 shares declined, and 47 shares are unchanged.

Dr Reddy’s Labs, NTPC, Tata Motors, Infosys and Sun Pharma are top gainers while Hindalco, SBI, Tata Steel, Coal India and Adani Ports are losers in the Sensex.

Neelkanth Mishra of Credit Suisse said ,”The Indian market is down 14 percent for the year in dollar terms. The sharp risk rally on February 15 was likely catalysed by a 2.1 percent appreciation in CNH over the Chinese New Year.

IDBI Bank is fairly well placed despite booking a loss and making provisions in the third quarter, says the bank’s deputy managing director BK Batra.

Shaun Rein, managing director at China Market Research group feels the Chinese markets will remain volatile for 3–4 months, although they have opened up relatively stronger after the Chinese new-year break.

The government is likely to meet its fiscal deficit target of 3.9 percent of the GDP for the current financial year, largely on account of the latest round of excise duty hikes on oil products and marginal compression in expenditure, says a Citigroup report.

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