The Sensex fell more than 400 points in early trade on Monday, mirroring losses in index heavyweights Reliance Industries, Kotak Bank, and Bajaj Finance, amid a negative global market trend and continued foreign investment outflows.

The 30-stock index was down 435.74 points, or 0.73%, at 59,200.27. Likewise, the Nifty dropped 129.85 points, or 0.73%, to 17,634.95.

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Reliance Industries (RIL) was the Sensex pack’s biggest loss, falling approximately 4% after the firm canceled a planned agreement to sell a 20% share in its oil refinery and petrochemical division to Saudi Aramco for USD 15 billion.

It stated that its energy portfolio has altered as a result of its entry into the new energy industry, necessitating a re-evaluation of the contract.

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Maruti, Bajaj Finance, Kotak Bank, and Bajaj Finserv are among the other laggards. On the other hand, Bharti Airtel, PowerGrid, Asian Paints, IndusInd Bank, and ITC were among the gainers.

In the previous session, the Sensex fell 372.32 points, or 0.62%, to 59,636.01. Likewise, the NSE Nifty dropped 133.85 points, or 0.75%, to 17,764.80.

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According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Thursday, offloading shares worth Rs 3,930.62 crore.

The equity markets were closed on Friday in observance of Guru Nanak Jayanti.

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“Nifty has corrected around 4.5% from the all-time high. The risk-off mood in global markets may gather strength on fresh COVID cases in Europe and lockdowns in countries like Austria,” said VK Vijaykumar, Chief Investment Strategist at Geojit Financial Services.

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The dollar index rising above 96 is another concern while the decline in crude is positive for India, he said, adding that the “disastrous listing of Paytm may bring sanity to the exuberant IPO valuations”.

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“FIIs are likely to accelerate selling in this risk-off environment. Retail investors need not rush in to buy on declines. Partial profit booking and raising the cash level in the portfolio may be considered,” he noted.

In other Asian markets, bourses in Hong Kong and Tokyo were down in mid-session trade, while Shanghai and Seoul were up.

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Meanwhile, the international oil benchmark Brent crude dropped 0.6% to USD 78.84 per barrel while the rupee slips 5 paise to 74.35 against the US dollar in early trade.

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