The Indian benchmark indices have started the week on a negative note. The relentless selling over the financial markets throughout the previous week finally weighed in on the markets and resulted in Nifty and Sensex snapping their streak of rallying. However, the indices recovered well in the last hour to settle flat by the end of the trading session.
The BSE Sensex ended the day by falling 38.88 (0.93%) points short from its previous close. It closes at 41,642.66 points on Monday. The downfall in the Sensex index was majorly due to ICICI Bank, Reliance Industries, ITC, and State Bank of India (SBI). The NSE Nifty ended the day by losing 0.074% or 9.05 points; it ended at 12,262.75 points.
The stocks of Reliance Industries lost as much as 2.77%. This development was probably due to the government filing petition at the Delhi High Court; it requested the court to prevent Reliance from entering a USD 15 billion contract with Saudi Aramco. RIL has pending dues of worth USD 3.5 billion in the Panna-Mukta and Tapti oil and gas fields.
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The Reliance shares ended the day at Rs 1,569.3, which is 1.88% lower. The NSE Nifty and BSE Sensex touched their intra-day lows of 12,213.25 and 41,474.61 points, respectively. Titan, HDFC, Maruti Suzuki, and Heromotorcorp gained the most in Sensex while SBI, M&M, Nestle, and RIL were the top losers in the index.
Coming to the NSE indices, Nifty Media index tanked 0.7% while Nifty PSU Bank index fell the most among all sectoral indices, it collapsed by 1.29%. On the other hand, Nifty FMCG and Realty indices lost around 0.5% each. However, the broader benchmark indices managed to end the nearly flat.
The BSE mid-cap index dropped 0.009% to end the day at 14,822.60 points, and the BSE small-cap index let go 0.07% to end Monday at 13,382.03 points.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
