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MARKETS: Sensex falls 500 pts; RIL, Bajaj twins drag; metal stocks recover – Business Standard

Markets at 10 AM
LIVE market updates: The benchmark indices were hovering around the lowest point of the day amid sustained selling in RIL, Bajaj twins, Kotak Bank, and Infosys. The BSE Sensex was at 59,122 levels, down 513 points, at 10:05 AM while the Nifty50 quoted at 17,625 levels, down 139 points.
23 of the 30 Sensex constituents and 32 of the 50 Nifty constituents were trading with a negative bias. RIL (down 3 per cent) was the top laggard, followed by Bajaj Finance, Eicher Motors, Kotak Bank, Bajaj Finserv, Titan, Hero MotoCorp, and Maruti Suzuki in the large-cap space.
In the broader markets, where the indices on the BSE were down 0.9 per cent each, shares of GMR Infra, JSW Energy, Endurance Tech, Oil India, and Jubilant Ingrevia were the top losers.
Sectorally, metal pack is clocking a recovery (up 0.6 per cent) while all other indices are still in the red.
In the currency market, rupee opened weaker at 74.35 per US dollar relative to Thursday’s close of 74.24/$.

Opening Bell

LIVE market updates: Equity markets started the week on a negative note amid across-the-board selloff. The frontline S&P BSE Sensex fell 259 points, or 0.43 per cent, to quote at 59,377 levels in opening deals. The index extended its decline further and tumbled 495 points to hit a low of 59,125.

The Nifty50, on the other hand, gave up 17,700-mark, down 87 points.

Shares of RIL dropped 4 per cent after the company, late on Friday, called-off the deal with the global oil giant Saudi Aramco for a 20 per cent stake acquisition by the Saudi firm in the oil to chemicals (O2C) business of the former company.

On the upside, Bharti Airtel shares advanced 5 per cent after the telecom major revised tariff on prepaid talk-time plans earlier today by 20-25 per cent and data top-up plans by 20-21 per cent. READ MORE

In the broader markets, the BSE MidCap and SmallCap indices fell 0.9 per cent each.
Here, Paytm shares fell another 7.5 per cent in early deals after the company’s monthly business update. READ MORE

Sectorally, all the indices were in the red, led by Realty index (down 2.5 per cent) and Auto index (1.4 per cent).
========================================================================Pre-open sessionLIVE market updates: Benchmark indices were in the green in pre-opening session. The BSE Sensex was at 59,647 levels, up 11 points at 9:06 AM while the Nifty50 was at 17,767-mark.
=========================================================================Updated at 8:20 AMLIVE market updates: Markets are eyeing a flat but positive start on Monday after an extended weekend. Relative to Nifty50’s spot close of 17,765 on Thursday, the SGX Nifty Futures were at 17,778 at 8:10 AMIndividually, Reliance Industries is likely to hog the limelight and may dictate the market trend today, after the company decided to shelve its $15 billion Saudi Aramco deal. Analysts suggest that the move may be a minor setback for the stock.
Primary Market Update

At the end of Day 2, Go Fashion (India) IPO was subscribed 6.87 times, with retail quota receiving bids up to 24.6 times. The issue will close later in the day.

Global cues
China’s Shanghai Composite soared 1.1 per cent, and Kospi jumped 0.7 per cent. Taiwan, Hang Seng and Straits Times were marginally up, while Nikkei was down 0.4 per cent.