Brief
Indian benchmarks recover after SBI, Reliance buying offsets early losses
State Bank of India and Reliance Industries led buying that helped the Sensex and Nifty bounce back after early declines.
By Felo News Desk · Published
On Monday, Mumbai’s benchmark indices trimmed most of their early slide as buying in State Bank of India (SBI) and Reliance Industries, coupled with fresh foreign fund inflows, offset declines in Axis Bank and HDFC Bank, according to newindianexpress.com.
The BSE Sensex fell 470.50 points to 74,318 in early trade and the NSE Nifty dropped 147.10 points to 22,999.05. Both indices later recovered, closing 46.49 points lower at 74,682.78 for the Sensex and 14.55 points lower at 23,131.60 for the Nifty.
Among the 30 Sensex constituents, Axis Bank slipped over 4% despite reporting a 39.4% rise in quarterly profit. HDFC Bank, Infosys, Bajaj Finserv, Hindustan Unilever and Trent were also laggards, while SBI, UltraTech Cement, Reliance Industries, Tata Consultancy Services, Adani Ports and HCL Tech were the top gainers.
Foreign Institutional Investors turned buyers on Friday, purchasing equities worth Rs 1,165.92 crore, and Brent crude fell 1.90% to $107.8 per barrel.
Key facts
- Sensex fell 470.50 points to 74,318 in early trade before closing 46.49 points lower at 74,682.78. (newindianexpress.com)
- Nifty dropped 147.10 points to 22,999.05 early, ending 14.55 points lower at 23,131.60. (newindianexpress.com)
- State Bank of India and Reliance Industries were among the biggest gainers. (newindianexpress.com)
- Foreign Institutional Investors bought Rs 1,165.92 crore of equities on Friday. (newindianexpress.com)
- Brent crude traded 1.90% lower at $107.8 per barrel. (newindianexpress.com)
Sources
- [1] newindianexpress.com — originally reported as “Stock markets trim most of sharp early losses amid buying in SBI, Reliance Industries”
