Sensex Falls Over 500 Points, Nifty Trades Below 17,650



Sensex Falls Over 500 Points, Nifty Trades Below 17,650; RIL, Maruti Among Top Drags

Major laggards in the BSE pack included RIL, Maruti and Bajaj Finance.

New Delhi: Equity indices plunged on Monday with the benchmark BSE Sensex falling more than 500 points in early trade. As of 9:26 am, the 30-share BSE index was down 503 points or 0.84 per cent to 59,133; while the broader NSE Nifty moved 140 points or 0.79 per cent lower to 17,625.

Major laggards in the BSE pack included Reliance Industries (RIL), Maruti, Bajaj Finance, Kotak Mahindra Bank, HCL Tech, Bajaj Finserv and SBI with their shares down as much as 3.73 per cent.

On the NSE platform, all the sub-indices were trading in red with Nifty Auto and Nifty PSU Bank down as much as 1.43 per cent.

“Given that most of the quarterly results and the festive mood are behind us, indices are expected to move sideways. As markets across the world are trying to decode the implications of rising inflation, any intensive selling by FIIs (Foreign Institutional Investors) may take Indian indices lower, unless the domestic players provide support,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. said.

RIL shares tumbled after the Mukesh Ambani-led company and Saudi Aramco have decided to re-evaluate the proposed Investment by Aramco in the oil-to-chemical (O2C) business. In August 2019, RIL and Aramco had signed a letter of intent for the latter to potentially acquire a 20 per cent stake in the Ambani-led firm.

Shares of Maruti slipped as the carmaker has ruled out getting back into the diesel segment.

On Thursday, NSE Nifty had closed 133 points lower at 17,764; while BSE Sensex had dropped 372 points to settle at 59,636.

The domestic stock indices were closed on Friday on the occasion of Guru Nanak Jayanti.

On the global front, the Dow Jones Industrial Average fell 0.75 per cent on Monday, the S&P 500 lost 0.14 per cent and the Nasdaq Composite moved 0.40 per cent higher.

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