Sensex closed with a big decline of 1170 points, Nifty at 17416; Reliance Industries shares fell 4%
On the first day of the week, the BSE Sensex recorded a major fall on Monday. The Sensex broke more than 400 points in the opening trade itself. After this there was a time when it fell more than 1,698 points to a low of 58,011.92. However, the Sensex recovered a bit later and closed at 58,465.89, down 1170.12 points at the end of trading. This is the biggest one-day fall in the Sensex since April 12. 58,465.89 is the lowest closing level of the Sensex in two months. There was also a declining trend in NSE Nifty. At the beginning of trading, Nifty fell 129.85 points to 17,634.95. At the end of trading, Nifty lost 348.25 points to close at 17,416.55.
The main reasons for this decline in the stock market are weak global cues, continuous withdrawal of foreign funds, more than 4 percent fall in the shares of Reliance Industries, the government’s reforms after the announcement of the withdrawal of three new agricultural laws. Market sentiments were affected due to concerns about the measures being taken and the continuation of its downtrend following the weak listing of Paytm. Foreign institutional investors (FIIs) sold shares worth Rs 3,930.62 crore on a gross basis on Thursday, according to provisional stock market data. The stock markets remained closed on Friday on account of Guru Nanak Jayanti.
Reliance shares fell 4 percent
Shares of Reliance Industries, the country’s most valuable company, have fallen more than 4 percent. The company’s stock closed at Rs 2363.40. Reliance Industries says it is taking a fresh look at its proposed deal with Saudi Aramco. The company was planning to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco. The news of a fresh look at the deal dented investor sentiment and plunged Reliance shares. Due to this the company’s market cap decreased by about $ 9 billion, or Rs 66,000 crore.
Paytm shares fell 18%
The second day after the listing for the shares of Paytm’s parent company One97 Communication was also difficult. The company’s shares fell about 18 percent to Rs 1271.25 around 12.27 pm on Monday.
Shares of only 3 companies rose on Sensex
Of the 30 Sensex companies, only Bharti Airtel, Asian Paint and PowerGrid closed with gains. Shares of Bajaj Finance lost 5.74 per cent. All the sectoral indices of Nifty closed in the red mark. PSU banks and realty stocks fell over 4 per cent each.
