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.

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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.

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“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.

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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%.

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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.

In Asia, markets in Tokyo, Shanghai, and Hong Kong ended
lower, while Seoul settled in the green.

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.