Market in bear grip: Sensex nosedives 1,170 points; RIL tumbles over 4%


Mumbai: Equity benchmark Sensex plummeted 1,170 factors on Monday, dragged by losses in Reliance Industries, Bajaj Finance and Kotak Bank.

The 30-share BSE index ended 1,170.12 factors or 1.96 per cent decrease at 58,465.89. Similarly, the NSE Nifty fell 348.25 factors or 1.96 per cent to 17,416.55.

Among high losers, Reliance Industries (RIL) sank over 4 per cent, after the corporate shelved a proposed deal to promote a 20 per cent stake in its oil refinery and petrochemical enterprise to Saudi Aramco for an asking of USD 15 billion.

Other laggards included Bajaj Finance, Bajaj Finserv, NTPC, SBI and Titan.

On the opposite hand, Bharti Airtel, Asian Paints, PowerGrid and IndusInd Bank have been the gainers.

“Finally the bears received their act collectively after an extended wait as a collection of occasions over the weekend gave them the higher hand with nearly all of the sectoral indices barring the metallic index plunging,? mentioned S Ranganathan, Head of Research at LKP Securities.

The repealing of the agriculture legal guidelines had an affect on the PSU shares whereas the O2C deal not going by means of left a 4.5 per cent lower on Reliance, he famous.

Further, he mentioned that whilst IPO buyers come to phrases with the fact, the inflationary affect on demand throughout a number of sectors continues to fret the road.

Elsewhere in Asia, bourses in Hong Kong ended with losses, whereas Tokyo, Shanghai and Seoul have been constructive.

Stock exchanges in Europe have been largely constructive in mid-session offers.

Meanwhile, worldwide oil benchmark Brent crude rose 0.34 per cent to USD 79.16 per barrel.

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