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RIL, financials drag indices; Sensex tanks 667 pts, Nifty settles at 10,900

All that happened in the markets today

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Markets Sensex Nifty | S&P BSE Sensex | Nifty 50

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Continuing its losing spree, the domestic stock market ended in the red for the fourth consecutive session on Monday, weighed down by Reliance Industries (RIL) and financial counters. Financial stocks tumbled as investors turned cautious ahead of the Reserve Bank of India (RBI) monetary policy meeting, which starts Tuesday (August 4) with the outcome due on August 6 (Thursday).  

The today tumbled 667 points or 1.77 per cent to settle at 36,940. Of 30 constituents, 24 ended in the negative territory, and the rest 6 advanced. RIL, HDFC Bank, HDFC, and Infosys contributed the most to the index's loss. 

NSE's Nifty slipped below the crucial 11,000 level to end at 10,900, down 174 points, or 1.57 per dent. Volatility index, India VIX, climbed 3.89 per cent to 25.13 levels, indicating increased volatility in the market.

Sectorally, Nifty Bank tumbled the most - down 505 points or over 2 per cent to 21,135 levels while Nifty Private Bank index slipped nearly 3 per cent to 11,531 levels. Nifty PSU Bank index, on the other hand, gained over 0.5 per cent to 1,419 levels. 

In the broader market, the S&P BSE MidCap index fell 0.31 per cent to 13,717 and the S&P BSE SmallCap index gained over 1 per cent to 13,155. 

Among individual stocks, shares of Bandhan Bank tumbled 12 per cent to Rs 304.2 on the BSE after nearly 21 per cent of the bank's equity changed hand on the NSE and BSE via block deals. READ MORE

Shares of Laurus Labs zoomed over 15 per cent to hit an all-time high of Rs 1,080 on the BSE during the day. The company last week had reported a strong set of numbers for the quarter ended June 2020. The stock ended at Rs 1,006, up nearly 8 per cent. READ MORE 

Global markets

European shares inched higher on Monday as German stocks outperformed on the back of improving Chinese manufacturing data, but a warning from Europe’s biggest lender HSBC over rising bad loans sent banking stocks lower. 

In commodities, gold prices surged to an all-time high on Monday as fears about the economic fallout from rising Covid-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar.

Oil prices, on the other hand, fell on fears about the economic fallout from rising Covid-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind back output cuts in August.

(With inputs from Reuters)

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