Sensex falls by 540 points; Reliance Industries business down by 4%

Sensex falls by 540 points; Reliance Industries business down by 4%

The equity benchmark Sensex lost 540 points on Monday amid negative cues from global markets, leading to heavy losses in the index Major Reliance Industries, HDFC Bank and ICICI Bank.

After tanking 737 points during the day, the 30-share BSE index fell 540 points, or 1.33 per cent, to some lost ground at 40,145.50. The broader NSE Nifty fell 162.60 points, or 1.36 percent, to 11,767.75.

Bajaj Auto was lagging behind in the Sensex pack, with around 6 per cent, followed by M&M, Reliance Industries (RIL), Tata Steel, Tech Mahindra, SBI, Axis Bank and ICICI Bank.

RIL shares declined nearly 4 percent after 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, Nestle India, Kotak Bank, IndusInd Bank, PowerGrid and HUL were among the beneficiaries.

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, said that after several global cues in Europe, Indian market cases of coronovirus have declined and many countries have taken strict measures for lockdown.

He said during the afternoon session, the market remained weak with selling in metals, auto, realty and financial stocks.

On the global front, capitalization ended on a negative note in Shanghai, Tokyo and Seoul. Stock exchanges in Europe were also trading weak in early deals.

Meanwhile, the international oil benchmark Brent crude was trading 2.04 percent down at US $ 41.14 per barrel.

The rupee fell 23 paise to close at 73.84 against the US dollar in the foreign exchange market. PTI ANS ABM ABM


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