Markets

Market snaps 4-day record-setting spree, ends marginally lower

A view of the BSE building in Mumbai. | File

A view of the BSE building in Mumbai. | File   | Photo Credit: Paul Noronha

Equity benchmarks Sensex and Nifty on Monday closed marginally lower as the emergence of a sell-off, mainly in heavyweight Reliance Industries, put a brake on the indices’ four-session record breaking run.

The 30-share BSE Sensex settled at 38.88 points, or 0.09%, down at 41,642.66, while the broader NSE Nifty slipped 9.05 points, or 0.07%, to close at 12,262.75.

Nestle India was the top loser in the Sensex pack, shedding 2.20%, on its first day as part of the index.

Reliance Industries (RIL) fell 1.78% after the government sought to block the company’s plan to sell stake to Saudi Aramco.

Last week, the government moved the Delhi High Court seeking to block Reliance selling 20% stake in its oil and chemical business to Saudi Aramco for $15 billion, in view of pending dues of $3.5 billion in Panna-Mukta and Tapti oil and gas fields.

SBI, Tech Mahindra, ITC and Mahindra and Mahindra were among the other losers on the index.

On the other hand, gains in Maruti, Hero MotoCorp, Kotak Bank, Bajaj Auto and Bajaj Finance restricted the losses on the index.

According to traders, the Sensex reshuffle led to some price movements as fund managers adjusted their portfolios.

Yes Bank, Vedanta, Tata Motors and Tata Motors DVR have exited the index to make way for Titan Company, UltraTech Cement and Nestle India.

Bourses in Shanghai and Seoul ended on a negative note, while those in Hong Kong and Tokyo settled in the green.

Equity benchmarks in Europe were trading on a tepid note in their respective early sessions.

On the currency front, the rupee depreciated 4 paise against the U.S. dollar to 71.16 (intra-day).

Brent futures, the global oil benchmark, slipped 0.05% to $66.11 per barrel.

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Printable version | Feb 23, 2020 2:10:44 PM | https://www.thehindu.com/business/markets/market-snaps-4-day-record-setting-spree-ends-marginally-lower/article30380849.ece

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