Sensex drops 127 points; RIL tumbles over two percent
Equity benchmark Sensex dropped 127 points on Monday, weighed by losses in index heavyweights Reliance Industries, ICICI Bank, and HDFC Bank. The 30-share BSE index ended 127.31 points or 0.22 percent lower at 58,177.76, while the broader NSE Nifty slipped 13.95 points or 0.08 percent to 17,355.30. Reliance Industries was the top loser in the Sensex pack, shedding over two percent.
Who were the gainers and losers?
Among the losers, Reliance Industries was followed by ICICI Bank, HUL, HDFC Bank, M&M, Ultra Cement, IndusInd Bank, and Tech Mahindra. TCS, Bharti Airtel, Bajaj Finserv, Tata Steel, Maruti, and Kotak Bank were among the gainers. "Indian equity benchmarks continued to trade in the red zone in the afternoon session," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers.
Asian markets were trading mixed amid surge in US inflation
"On the global front, Asian markets were trading mixed amid a surge in US inflation to a record high...(and) concerns the Federal Reserve will be forced to tighten monetary policy sooner than later," said Solanki. Elsewhere in Asia, bourses in Shanghai, Seoul, and Tokyo closed in the positive territory, while Hong Kong ended in the red.
Brent crude was trading at $73.58 per barrel
Equities in Europe were trading with some significant gains in the mid-session deals. Foreign institutional investors (FIIs) were the net buyers in the capital market as they purchased shares worth Rs. 423.44 crore on Thursday, as per the provisional exchange data. Meanwhile, the international oil benchmark Brent crude rose 0.91 percent to $73.58 per barrel.
