Markets Fall in Early Trade Dragged Down by Reliance, Weak Global Equities

Markets Fall in Early Trade Dragged Down by Reliance, Weak Global Equities

Category : Business

Author: Nob6 Team

Post Date :



Mumbai: Benchmark indices fell in early trade on Monday with the BSE Sensex declining over 255 points, largely dragged down by Reliance Industries and weak global equity markets. The 30-share BSE benchmark fell 255.39 points to 55,816.84 in early trade. The broader NSE Nifty dipped 70.35 points to 16,649.10.Also Read – Rupee Rises 9 Paise to 79.81 Against US Dollar in Early Trade

Among the Sensex constituents, Reliance Industries fell the most by over 3 per cent despite the company reporting 46 per cent jump in June quarter net profit. Also Read – Gold And Silver Prices Continue To Rise, Gold Breaches 52 Thousand Rupees Mark

The other laggards from the pack were Sun Pharma, Tech Mahindra, Nestle, HDFC, UltraTech Cement, NTPC and ITC. Also Read – Reliance To launch British Sandwich And Coffee Chain Pret A Manger in India

IndusInd Bank, ICICI Bank, Axis Bank and Tata Steel were among the gainers. Shares of ICICI Bank were trading 1 per cent higher post announcement of its June quarter earnings.

ICICI Bank on Saturday reported a 55.04 per cent jump in June quarter consolidated net profit to Rs 7,384.53 crore, helped by a sharp reduction in provisions and strong core interest income.

“RIL’s results, though impressive on the telecom and retail front, fell slightly below expectations in the refining space. ICICI Bank’s results are the best in the banking segment,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asia, markets in Tokyo, Shanghai and Hong Kong were trading lower, while Seoul quoted in the green. The US markets had ended on a lower note on Friday.

The BSE benchmark had jumped 390.28 points or 0.70 per cent to settle at 56,072.23 on Friday. The Nifty climbed 114.20 points or 0.69 per cent to 16,719.45.

Meanwhile, international oil benchmark Brent crude declined 0.53 per cent to USD 102.70 per barrel.

Foreign institutional investors offloaded shares worth Rs 675.45 crore on Friday, as per exchange data.





Source link

Tags

bse, NSE Nifty, reliance, sensex, sensex falls, sensex opens in red, Stock Market

About Author

Nob6

Nob6 have a great team of writers and developers who are enthusiastic about delivering quality content focusing on 10,000 + users and loyal readers. 

Leave a Comment

Author : Nob6

Nob6.com: Nob6 Blog – The Complete blog for Blogging, Business, Money Making Tips, Startups, Webmaster, Guest posting, tips and tricks, and Technology News.

Join Us

Recommended Posts

Trickle Chargers Boosting Your Car's Battery Life

Trickle Chargers: Boosting Your Car’s Battery Life

Which Aspects of Business are Just as Important as Your Main Service

Which Aspects of Business are Just as Important as Your Main Service

What Needs To Be Arranged Before Moving Home

What Needs To Be Arranged Before Moving Home

From Manuscript to Masterpiece How Professional Book Printing Services Make the Difference

From Manuscript to Masterpiece: How Professional Book Printing Services Make the Difference

Fundamental Factors Influencing WSM Coin: A Comprehensive Overview

Fundamental Factors Influencing WSM Coin: A Comprehensive Overview

Business team learning about what are contact center solutions and searching the best one

What Are Contact Center Solutions and How Do They Benefit Businesses?

The Best IT Recruitment Agency in UK

The Best IT Recruitment Agency in UK