Sensex down 133 points in early trade; banks lead fall
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The BSE benchmark Sensex fell over 133 points and the Nifty slipped below the 8,100-mark in early trade as banking stocks led fall on fresh selling amid mixed Asian cues.
Other sectoral indices like consumer durables, PSU, FMCG and capital goods were trading in the negative zone, falling up to 1.56%.
The 30-share Sensex was trading lower by 133.12 points or 0.50% at 26,183.22 in early trade.
The index had soared 456.17 points in the previous session after investors crated fresh long positions in the new December series amid the rupee rebounding from record lows.
The NSE Nifty was trading down by 23.70 points or 0.29% at 8,090.60.
Brokers said sentiments were dampened with trimming of positions by participants, particularly in banking stocks after the Reserve Bank on Saturday introduced an incremental CRR of 100% for the fortnight to absorb the surge in liquidity in banking system following demonetization of high value notes.
Shares of state-owned SBI was trading lower by 2.68% at Rs 253.95, ICICI Bank fell Rs 1.75 at Rs 255.30, Axis Bank down 1.56% at Rs 464 and HDFC Bank shed 0.28% at Rs 1,185.80, dragged down the key indices.
In Asia, Japan's Nikkei fell 0.80%, while Shanghai Composite Index was quoting 0.32% higher in early trade today. Hong Kong's Hang Seng index too was up 0.77%.
The Dow Jones Industrial Average ended 0.36% higher in Friday's trade.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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