Closing Bell: Sensex falls 306 points, Nifty down 88 points
- Sensex fell 306.01 points or 0.55% to settle at 55,766.22
- Nifty slipped 88.45 points or 0.53% to 16,631
- Rupee appreciated 14 paise to close at 79.76 against the US dollar
Indian equity benchmarks fell on Monday with the BSE Sensex falling 306 points, mainly dragged down by Reliance Industries. Foreign funds outflow also added to the overall bearish trend in equities today.
The BSE Sensex fell 306.01 points or 0.55% to settle at 55,766.22. During the day, it declined 535.15 points or 0.95% to 55,537.08. The NSE Nifty slipped 88.45 points or 0.53% to 16,631.
The broader indices ended up mixed with the BSE Midcap index up by 0.03%, while the Small cap index was down by 0.13%. On the sectoral front, Metal was up by 1.50%, Capital Goods was up by 0.51%, Basic Materials was up by 0.46%, Industrials was up by 0.29% and PSU was up by 0.18%, while Auto was down by 1.69%, Energy down by 1.32%, Telecom down by 0.96%, Oil & Gas down by 0.86% and Healthcare down by 0.71% were the top losing indices on BSE.
"Bulls finally lost steam after surging ahead for the last six consecutive sessions as investors booked profit in automobile, oil & gas, and telecom stocks, even though gains in metals and select capital goods stocks capped losses. Investors traded with caution ahead of the Federal Reserve meeting on Wednesday," Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said.
Major laggards from the Sensex pack were Mahindra & Mahindra down by 3.80%, Reliance down by 3.31%, Maruti Suzuki down by 2.41%, Kotak Mahindra down by 2.41%, UltraTech Cement down by 1.29%, Tech Mahindra down by 1.15%, Nestle down by 1.13%, Bajaj Finserv down by 1.02% and Dr. Reddy’s Labs down by 0.97%.
Among the gainers were Tata Steel up by 2.66%, IndusInd Bank up by 1.99%, Asian Paints up by 1.25%, HCL Tech up by 0.96%, Wipro up by 0.94%, and NTPC up by 0.81%.
"RIL's results, though impressive on the telecom and retail front, fell slightly below expectations in the refining space," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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The rupee appreciated 14 paise to close at 79.76 against the US dollar.
European stock markets were trading in the green during mid-session deals. The US markets had closed on a lower note on Friday.
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Brent crude, the international oil benchmark jumped 1.24% to $104.52 per barrel.
According to stock exchange data, foreign institutional investors offloaded shares worth Rs 675.45 crore on Friday.