Reliance Industries share price falls over 4%; Sensex, Nifty trade lower ahead of poll results
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Reliance Industries Limited (RIL) shares fell over 4 percent today as the benchmark equity index BSE Sensex plunged 550 points Monday in view of exit poll results ahead of outcome of state elections, weakening rupee and crude oil price rise amid rise in US-China trade tensions. The RIL shares fell 47.30 points, or 4.17 percent, to Rs 1085.95, losing the most among the 30-participants of the index today.
After opening at Rs 1112.65, the RIL shares dropped to the day’s low to Rs 1084.30. RIL shares closed on Friday at Rs 1133.25.
Other than Reliance Industries, the top laggards in the early trade include Adani Ports, PowerGrid, Coal India, Asian Paints, Kotak Bank, ONGC, Vedanta, Yes Bank, Bharti Airtel, Hero MotoCorp and ICICI Bank, falling up to 4 percent at the time of reporting.
Taking stock of the choppy trade witnessed on share market this morning, economist Surjit Bhalla said that the markets are volatile due to a sell-off in US equities, and not because of the ongoing state elections. Ahead of the outcome scheduled for tomorrow, Bhalla told CNBC TV18 that the BJP is likely to win MP, Rajasthan and Chhattisgarh. He expects BJP to win about 115 seats in Rajasthan.
Meanwhile, oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. International Brent crude oil futures were at $62.15 per barrel at 0129 GMT, up 48 cents, or 0.8 percent, from their last close, Reuters reported.
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