Mumbai: Equity Benchmark Sensex fell more than 400 points in early trade on Monday, tracking losses in the Reliance Industries Department index, Bank Box and Bajaj Finance amid a weak trend in the global market and a persistent outflow of foreign funds.
The 30-stock index traded 435.74 points or 0.73 percent lower at 59,200.27.
Similarly, Nifty fell 129.85 points or 0.73 percent to 17,634.95.
Reliance Industries (RIL) is the top loser in the sensex package, spilling around 4 percent after the company stores the agreement proposed to sell 20 percent of the shares in the oil refinery and the Petrochemical Business to Saudi Aramco for USD 15 billion.
It is said that the energy portfolio has changed with a robbery into a new energy business, which will require a re-evaluation of the agreement.
Other Laggard includes Maruti, Bajaj Finance, Bank Box and Bajaj Finserv.
On the other hand, Bharti Airtel, Powergrid, Cat Asia, Bank Indusind and ITC are among control.
In the previous session, Sensex ended 372.32 points or 0.62 percent lower at 59,636.01.
Similarly, NIFTY NSE fell 133.85 points or 0.75 percent to 17,764.80.
Foreign institutional investors (FIIS) are clean sellers in the capital market, because they lowered shares worth Rs 3,930.62 Crore on Thursday, according to data exchange.
The equity market was closed on Friday because of ‘Teacher Nanak Jayanti’.
“Nifty has corrected around 4.5 percent of all time highs.
The mood-off risk-off in the global market can gather strength in fresh covid cases in Europe and lock in countries such as Austria,” VK Vijaykumar said, the expert head Investment strategy in Geojit Financial Services.
The dollar index increased above 96 was another concern while the decline in positive crude oil for India, he said, added that “List of Paytm disasters could bring sanity to the vibrant IPO assessment”.
“Fiis tends to accelerate sales in this risk environment.
Retail investors do not need to be in a hurry to buy on a decrease.
Ordering partial benefits and increasing the cash level in the portfolio can be considered,” he said.
Elsewhere in Asia, the stock exchange in Hong Kong and Tokyo traded with losses in the mid-session agreement, while Shanghai and Seoul were positive.
Meanwhile, Benchmark International Oil Brent crude oil fell 0.06 percent to USD 78.84 per barrel.