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Sensex, Nifty fall 1% each: 4 key factors that are pulling market down

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Sensex, Nifty fall 1% each: 4 key factors that are pulling market down

The market lost more than a percent on October 28 in day trading. The broader markets also corrected, but less than benchmark indices as the Nifty Midcap and Smallcap indices were down around half a percent each.

The BSE Sensex fell 488.28 points or 1.20 percent to 40,033.82, and the Nifty50 dropped 128.10 points or 1.08 percent to 11.761.30.

“Indian market is expected to follow global cues with an increase in volatility in the coming days as we are heading closer to the US election and more economic restrictions due to the devastating rise of COVID cases,” said Vinod Nair, Head of Research at Geojit Financial Services.

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India continued to report better recovery rate and lowered active cases week-after-week, but the situtation in United States and some nations in Europe looks tense as the coronavirus infections, hospitalisation and deaths increased sharply again.

As a result, the governments announced further restriction measures to avoid the spread of virus, which ultimately could impact global growth.

Media reports indicated that France may announce complete lockdown to contain the virus outbreak. Mainland China also reported increase in virus infections.

Investors also looked cautious ahead of the US presidential elections scheduled to be held on November 3. Reports indicated that there could be tough competition between Republican Donald Trump and Democrat Joe Biden, and the surveys indicated that Democrats have more chance in the elections, over Republicans and the number of people to vote is expected to be more than previous several elections.

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US President Donald Trump clearly stated that there won’t be coronavirus relief bill before election, which has not yet cleared amid several negotiations between Republicans and Democrats.

Banking & financials were leaders in fall as the Nifty Bank and Financial Service indices fell more than 2 percent each. The Bank Nifty formed bearish candle on the daily charts.

IndusInd Bank, Federal Bank, ICICI Bank, Kotak Mahindra Bank, SBI, HDFC Bank, Axis Bank and Bank of Baroda were down 1.5-3 percent.

IT lost over a percent, while FMCG, Pharma and Metal indices were down more than half a percent.

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The Nifty50 corrected a percent and formed bearish candle on the daily charts, but overall trend of last few sessions indicated that the index has been in a range of 300-400 points and is expected to remain in same range in coming days too.

“The index is still stuck in a range between 11,650 and 12,050. While choppy markets can test a trader’s patience, one must exercise caution and avoid trading in rangebound markets,” Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments told Moneycontrol.

“If we can get past 12,050, the Nifty can achieve 12,200-12,300. If it breaks 11,650, we could drop to 11,400-11,450,” he said.

Tap To Explore More : Money Control

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Also Read : BECA DONE, FIGHTERS AND ARMED DRONES NEXT AS INDIA TURNS THE US POSITIVE

Tollywood

HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

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HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

In conversation with Hindustan Times, Teja Sajja decodes the success of HanuMan and other Telugu films, talks about his upcoming projects, and more.
When Prasanth Varma’s superhero film HanuMan, starring Teja Sajja, was announced to be released alongside big films like Mahesh Babu’s Guntur Kaaram, Venkatesh’s Saindhav and Nagarjuna’s Naa Saami Ranga in January this year, no one expected the underdog to emerge on top. And yet, the film, made on a budget of under ₹50 crore, managed to collect over ₹300 crore at the box office worldwide in 25 days, becoming one of the highest-grossing Indian films for the year. (Also Read: Ranveer Singh met HanuMan actor Teja Sajja, complimented him even after his Prasanth Varma film Rakshas got shelved)

Ask Teja about the moment he realised his film had not just fought against the tide but also risen to the top; he tells Hindustan Times in an exclusive conversation, “Since I returned to acting (as a lead actor after being a child artiste since 1998), this is the moment I’ve been waiting for. When everything from the HanuMan teaser to the songs was grabbing attention, we knew we had hit a gold mine. But I don’t think we imagined it would cross the ₹300 crore threshold. We were so satisfied with the opening numbers; everything else was a bonus.”

‘Success has given me fear of disappointing people’

Teja acted in Zombie Reddy, Ishq and Adbhutham before HanuMan, but they are what you would call ‘critical successes’, adding to his repertoire as an actor who can perform. But things have changed for him now, says Teja, who is being picky about the roles he says yes to. “Success either makes you overconfident or gives you the fear of disappointing people; I have the latter,” he explains.

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Teja admits he wants to chart out his career in Hrithik Roshan’s footsteps, but not in the way you think. “I have such a fondness for Hrithik due to Koi Mil Gaya and Krrish. No matter how well he performed after that, these left a lasting impression on me; I’m sure 90s kids will agree,” he says, adding, “Similarly, I’ve realised that I have an audience in children now. I want to be conscious of that when I pick roles. I want to make films families can enjoy together.”

But despite people in places like Mumbai or Delhi recognising him, Teja says he’s clear that he wants to cater to the Telugu audience first. “I am conscious that I am making films for my playground – the Telugu states. This is the sensibility I have grown up with, and I don’t know if I can cater to everyone else. Will I promote my films in other languages? Sure. But I also can’t be part of films that aren’t authentic to what I know or understand,” he explains.

‘Rootedness has put us on the world map’

And authenticity seems to be the need of the hour. Be it Baahubali and RRR or the recently released Pushpa 2: The Rule, Kalki 2898 AD and Devara: Part 1, certain kind of stories seem to be finding success. “Rootedness and going local is proving to be such a boon for us, be it in Devara or Pushpa or HanuMan. Kalki 2898 AD was our version of a Hollywood film (the sci-fi concept) with actors from across languages in predominant roles; it put us on the world map,” reflects Teja.

However, the actor admits Tollywood went through a phase of Bollywood-inspired rom-coms and family dramas that worked in their favour for a while. “That wasn’t easy to replicate either, but it’s just that these local stories are what the audience seems most interested in now. It can’t just be chalked up to religion, too. It’s about the morals these films are hinged on, the fighting for righteousness, and how an underdog can find their strength. Introducing Mahabharata or Ramayana to a new audience in a cool way is just a perk,” he says.

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And it’s this rootedness that Teja says his next films, Mirai and Jai Hanuman (the sequel to HanuMan), will also have ample of. “Mirai is also a superhero film that caters to kids, but it’s not an origin story like HanuMan. It has a pan-Asian and Buddhist touch because the story is based on King Ashoka’s ideologies. I hope that I will get to deliver something new to the audience again. I will only feel like I’ve arrived if Mirai is equally, if not more, successful,” says Teja.

Rishab Shetty will headline Jai Hanuman, but Teja also looks forward to shooting that. “I can’t wait to be on that set; it’ll be exciting. Now that we know India is ready to watch our films, I want to step it up. I want to shift gears and shoot for at least two films in 2025,” he says. As for what he will do next, Teja says he wants to up the ante. “When I got a SIIMA award for Zombie Reddy as a debutant, I remember telling Prasanth this would be the last award I get. But now that I won a Radio City Cine Award for Best Actor, I hope more awards will follow,” he signs off cheekily.

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