Sensex, Nifty fall on losses in RIL, ICICI
Highlight
- Reliance Industries was the top loser in the Sensex pack, falling over 2 per cent
- Beneficiaries include Maruti, Mahindra & Mahindra, Tech Mahindra, Bajaj Finance, Infosys and Bajaj Finserv
Equity benchmark Sensex tumbled 396 points on Tuesday, tracking losses in major indices Reliance Industries, ICICI Bank and SBI amid a mixed trend in global markets. The 30-share index closed at 60,322.37, down 396.34 points, or 0.65 per cent. The 50-point Nifty fell 110.25 points, or 0.61 per cent, to 17,999.20.
Reliance Industries was the top loser in the Sensex pack, falling over 2 per cent, followed by SBI, UltraTech Cement, IndusInd Bank, NTPC and Sun Pharma. On the other hand, Maruti, M&M, Tech Mahindra, Bajaj Finance, Infosys and Bajaj Finserv were among the gainers.
S Ranganathan, Head of Research, LKP Securities, said, “As investors try to explore the valuation disconnect between recently listed digital entities versus their traditional counterparts, which have taken distributions offline, the enthusiasm of the former has left the mind thinking. But forced.”
“As there are concerns about inflationary pressures in the market causing companies to raise prices and their consequent impact on demand, we witnessed a highly volatile trading session today,” he said.
Elsewhere in Asia, shares in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo closed on a positive note.
European stock exchanges were trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.72 per cent to $82.64 per barrel.
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