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Markets tank amid fresh lockdowns, rising COVID-19 cases

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The Indian stock markets fell sharply on Tuesday amid rising coronavirus cases and fresh lockdowns in some parts in the country.

The broader NSE Nifty 50 index closed down 1.81 per cent at 10,607 while the benchmark S&P BSE Sensex ended 660 points lower at 36,033.06, dragged by losses in banking and auto stocks.

The Nifty auto index closed down 2.38 per cent at its lowest level since January 2019, after an industry body report said auto sales for June nearly halved from a year ago.

Global markets were also weak on Tuesday on flaring US-China tensions and persisting coronavirus fears.

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Private-sector lenders IndusInd Bank and Axis Bank were the top percentage laggards on the domestic blue-chip Nifty index, shedding 5.5 per cent and 5 per cent, respectively.

Truck and motorcycle maker Eicher Motors dropped 4 per cent and India’s largest carmaker by market share Maruti Suzuki declined 3.6 per cent.

Analysts expect markets to see more weakness in the near term.

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