The benchmark Sensex equity index slumped 540 points on Monday, following sharp losses in major indices Reliance Industries, HDFC Bank and ICICI Bank amid negative signals from global markets.
After sinking 737 points for the day, the 30-share BSE index made up some lost ground to close 540 points or 1.33% lower at 40,145.50. The broader NSE Nifty fell 162.60 points or 1.36% to 11.767.75.
Bajaj Auto was the main laggard in Sensex’s package, falling about 6 percent, followed by M&M, Reliance Industries (RIL), Tata Steel, Tech Mahindra, SBI, Axis Bank and ICICI Bank.
RIL’s shares plunged about 4 percent after Amazon.com Inc won an interim arbitration award against its partner Future Group for selling its retail business to Reliance Industries for Rs 24,713 crore.
On the other hand, Nestlé India, Kotak Bank, IndusInd Bank, PowerGrid and HUL were among the winners.
The Indian market opened on a subdued note following mixed global signals as coronavirus cases rose in Europe and several countries considered reimposing strict lockdown measures, said Narendra Solanki, Head of Equity Research (Fundamental), Anand Rathi .
During the afternoon session, the market continued to operate weakly with selloffs in metals, automobiles, real estate and financial stocks, he added.
On the global front, the Shanghai, Tokyo and Seoul stock exchanges finished on a negative note. Europe’s stock exchanges were also weak on early deals.
Meanwhile, international oil’s benchmark Brent crude was trading 2.04 percent lower at $ 41.14 a barrel.
In the foreign exchange market, the rupee depreciated 23 paise to close at 73.84 against the US dollar. PTI ANS ABM ABM
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