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Despite Finance Minister Arun Jaitley's assurance, Sensex slumps 537 pts

The broader NSE Nifty slipped the 11000-mark and closed at 10967.40, plunging 175.70 points, or 1.58 per cent.

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The stock markets logged their third-biggest fall of the year on Monday as the benchmark BSE Sensex tanked 537 points despite Finance Minister Arun Jaitley's assurance that the government would take all measures to ensure adequate liquidity for non-banking financial companies and mutual funds.

Falling for the fifth consecutive session, the Sensex tanked 536.58 points, or 1.46 per cent, to end at a two-month low of 36305.02, logging its biggest single-day loss since February 6, when it had shed 561.22 points.

The broader NSE Nifty slipped the 11000-mark and closed at 10967.40, plunging 175.70 points, or 1.58 per cent.

The sentiment was also dampened by a jump in Brent crude prices, which hit a four-year high before trading at $80.07 a barrel, while the rupee fell 43 paise to close at 72.63 per dollar. The broader market, too, continued to bleed with the BSE Midcap and Smallcap indices losing 2.40 per cent and 2.72 per cent, respectively.

"The correction is happening in the high valued stocks. We will see a sector rotation happening in the coming days. Around 2 per cent more correction is possible in the near term," said Rahul Shah, vice-president, equity advisory group at Motilal Oswal Financial Services. Shah said the correction is overdone now and the investor shift is expected from the NBFCs to banks.

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