Sensex ends 215 points lower as Reliance tumbles
Equity benchmark Sensex dropped 215 points on Friday, tracking losses in index heavyweights Reliance Industries, HDFC, and SBI after the Reserve Bank kept interest rates unchanged and maintained its accommodative stance. The 30-share index ended 215.12 points or 0.39% lower at 54,277.72, while the broader NSE Nifty fell 56.40 points or 0.35% to 16,238.20.
Here are the top gainers and losers
Reliance Industries was the top laggard in the Sensex pack, shedding over 2%, followed by UltraTech Cement, SBI, Tata Steel, HDFC, and Axis Bank. On the other hand, IndusInd Bank, Bharti Airtel, Tech Mahindra, Maruti, NTPC, and Bajaj Auto were among the gainers.
SC verdict in Reliance-Future case impacted Reliance shares: Expert
Binod Modi, Head-Strategy at Reliance Securities, said, "Domestic equities traded range-bound but the sharp correction in RIL dragged the market." "RBI's policy meeting outcome was broadly on expected line with a continued focus to support economic recovery through soft monetary policy," he said, adding that RIL witnessed sharp correction after the Supreme Court's ruling came in favor of Amazon in the Reliance-Future Group deal.
Brent crude advanced 0.56% to $71.69 per barrel
Further, weak cues from Asian markets also weighed on sentiments. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were in the red, while Tokyo ended with gains. Equities in Europe were trading on a positive note in mid-session deals. Meanwhile, international oil benchmark Brent crude advanced 0.56% to $71.69 per barrel.