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Sensex slips 557 pts from day's high, ends 83 pts up; pharma, PSBs decline

All that happened in the markets today

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Markets | Reliance Industries Ltd | Titan Company

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Traders monitor BSE index at a brokerage firm, as the Sensex goes down, in Mumbai | PTI
Erasing most of its early gains, the equity market settled with minor gains on Monday, led by buying in IT and financial counters. 

The S&P BSE Sensex slipped 557 points from day's high to end at 34,370.58, up 83 points or  0.24 per cent while NSE's Nifty ended at 10,167 points, up 25 points or 0.25 per cent.  India VIX, the volatility index, climbed 3.64 per cent to 29.72 levels. 

Of 30 stocks on Sensex, 16 ended in the green and rest 14 in the red. IndusInd Bank (up around 7 per cent) ended as the top gainer on the index after the private sector lender said that its promoters would acquire additional shares of the Bank from the secondary market. READ MORE

Reliance Industries (RIL) hit yet another record peak of Rs 1,624 on the BSE after the oil-to-telecom behemoth announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore. The stock, however, reversed morning gains to end at 1,570, down 0.67 per cent. 

Shares of oil marketing companies (OMCs) traded firm during the day after petrol and diesel prices were hiked by 60 paise per litre for a second straight day, thus ending an 83-day hiatus in rate revision. READ MORE

Sectorally, IT stocks gained the most, followed by private bank stocks. The Nifty IT index jumped 1.83 per cent to 14,894.60 levels while Nifty Private Bank index ended at 11,545.60, up 1.28 per cent. On the flip side, Nifty Media declined 1.66 per cent while Nifty Pharma dropped 1.41 per cent to 9,939.10 levels. 

In the broader market, the S&P BSE SmallCap index rallied around 1 per cent to 11,965.33 levels while the S&P BSE MidCap index ended at 12,583.61, up 0.23 per cent. 

Global markets

World shares paused on Monday as investors turned cautious after a 42 per cent surge since March, as economies continued to struggle with the effects of the pandemic. 

Europe’s blue-chip stock index opened 0.5 per cent lower after its best weekly gain in more than eight years. US S&P 500 futures inched 0.1 per cent lower, giving up most of the gains made earlier in the day. 

In Asia, shares advanced after a surprise recovery in US employment lifted hopes of a quicker global economic revival. MSCI’s broadest gauge of Asia-Pacific shares outside Japan rose 0.23 per cent, extending gains to an eighth straight day.

In commodities, oil climbed after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude was up 50 cents, or 1.2 per cent, at $42.80 per barrel, at the time of writing of this report, while US West Texas Intermediate (WTI) crude rose 31 cents, or 0.8 per cent, to $39.86 a barrel.

Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respectively. 

(With inputs from Reuters)

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