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Sensex drops over 200 points, Nifty on 11,050; Reliance Industries gains 8% post AGM

Domestic equity benchmark BSE Sensex surged over 200 points in early trade on Tuesday, dragged by losses in index heavyweights HDFC twins, Infosys and ITC, amid weak global cues. However, Reliance Industries (RIL) shared capped the losses on the index by rallying over 8 per cent, a day after its 42nd Annual General Meet (AGM).

India TV Business Desk India TV Business Desk
New Delhi Updated on: August 13, 2019 10:30 IST
Sensex drops over 200 points, Nifty on 11,050; Reliance

Sensex drops over 200 points, Nifty on 11,050; Reliance Industries gains 8% post AGM

Domestic equity benchmark BSE Sensex surged over 200 points in early trade on Tuesday, dragged by losses in index heavyweights HDFC twins, Infosys and ITC, amid weak global cues. However, Reliance Industries (RIL) shared capped the losses on the index by rallying over 8 per cent, a day after its 42nd Annual General Meet (AGM).

The 30-share index was trading 240.75 points or 0.64 per cent down at 37,341.16 at 0930 hours, and the broader Nifty fell 62.80 points or 0.57 per cent to 11,046.85 in morning trade.

The 30-share index settled 254.55 points or 0.68 per cent higher at 37,581.91, in the previous session on Friday. The broader NSE Nifty jumped 77.20 points or 0.70 per cent to 11,109.65.

Financial markets were closed on Monday on account of Bakri Id. While,  percentage laggards in the Sensex pack during early trade included NTPC, Bharti Airtel, M&M, HDFC, HDFC Bank, Maruti, TechM, Infosys, PowerGrid, L&T and ITC, cracking up to 4.45 per cent.

On the other hand, RIL emerged as the biggest gainer, after Mukesh Ambani on Monday announced plans to sell stakes in the firm's oil and chemicals business to Saudi oil giant Aramco and in fuel retail network to BP plc for Rs 1.15 lakh crore. Amabani also said its telecom unit Jio will begin offering fibre-based broadband services from next month.

Tata Motors, Tata Steel, Sun Pharma, ONGC, Yes Bank, Hero MotoCorp and Asian Paints were the other gainers, rising up to 2 per cent.

Foreign portfolio investors bought shares worth a net of Rs 203.73 crore on Friday, while domestic institutional investors (DIIs) purchased shares worth Rs 606.92 crore, provisional data showed.

Elsewhere in Asia, Hang Seng, Kospi, Shanghai Composite Index and Nikkei were trading in significantly lower in their respective late morning sessions.

On the other hand, bourses on Wall Street ended lower on Monday. The rupee, meanwhile, depreciated 30 paise against its previous close to trade at 71.08 in early session. Brent crude futures, the global oil benchmark, slipped 0.15 per cent to trade at 58.49 per barrel. 

(With PTI inputs.)

ALSO READ: Reliance to sell stakes for Rs 1.15 lakh cr to become zero-debt firm in 18 months: Mukesh Ambani

ALSO READ: Reliance Power net profit down by 80 per cent at Rs 36.21 crore in June quarter

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