INSUBCONTINENT EXCLUSIVE:
Major laggards in the BSE pack included RIL, Maruti and Bajaj Finance.New Delhi: Equity indices plunged on Monday with the benchmark BSE
Sensex falling more than 500 points in early trade
As of 9:26 am, the 30-share BSE index was down 503 points or 0.84 per cent to 59,133; while the broader NSE Nifty moved 140 points or 0.79
per cent lower to 17,625.Major laggards in the BSE pack included Reliance Industries (RIL), Maruti, Bajaj Finance, Kotak Mahindra Bank, HCL
with Nifty Auto and Nifty PSU Bank down as much as 1.43 per cent."Given that most of the quarterly results and the festive mood are behind
us, indices are expected to move sideways
As markets across the world are trying to decode the implications of rising inflation, any intensive selling by FIIs (Foreign Institutional
Investors) may take Indian indices lower, unless the domestic players provide support," Shrikant Chouhan, Head of Equity Research (Retail),
said.RIL shares tumbled after the Mukesh Ambani-led company and Saudi Aramco have decided to re-evaluate the proposed Investment by Aramco
in the oil-to-chemical (O2C) business
In August 2019, RIL and Aramco had signed a letter of intent for the latter to potentially acquire a 20 per cent stake in the Ambani-led
firm.Shares of Maruti slipped as the carmaker has ruled out getting back into the diesel segment.On Thursday, NSE Nifty had closed 133
points lower at 17,764; while BSE Sensex had dropped 372 points to settle at 59,636.The domestic stock indices were closed on Friday on the
occasion of Guru Nanak Jayanti.On the global front, the Dow Jones Industrial Average fell 0.75 per cent on Monday, the S-P 500 lost 0.14 per
cent and the Nasdaq Composite moved 0.40 per cent higher.
