Sensex slips below 31,000-mark after two consecutive profit-booking sessions
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Stock markets came off their peak and turned weak on Monday after two back-to-back sessions of gains as the benchmark Sensex cracked below 31,000-mark after investors indulged in profit-booking. Besides, muted earnings from some companies weighed on sentiment.
The 30-share index slipped below the 31,000-mark by falling 158.31 points, or 0.51%, to 30,869.90 as profit-booking set in recent gainers. The gauge had gained 726.57 points and closed at life high of 31,028.21 after scaling an intra-day record high of 31,074.07 on Friday.
BSE sectoral indices led by healthcare, IT, teck and realty declined. On similar lines, the NSE Nifty retreated from life highs as it succumbed to profit-booking to quote 47.40 points, or 0.49%, lower at 9,547.70. It had closed at an all-time high of 9,595.10 after soaring to 9,604.90 (intra-day) on Friday.
Brokers said emergence of selling by participants at record levels amid discouraging fourth quarterly earnings by some bluechip companies dampened sentiments.
Among Sensex-30 constituents, Sun Pharma suffered the most by tumbling 12.07% to Rs 499.90 following disappointing earnings. Other major losers were Lupin, ICICI Bank, Wipro, Adani Ports, Cipla, Maruti Suzuki, NTPC, ONGC and Infosys, falling by up to 1.70%.
Among other Asian markets, Hong Kong's Hang Seng rose 0.09% while Japan's Nikkei up 0.16% in their early deals. Shanghai Composite Index too was up 0.07%.
The US Dow Jones Industrial Average ended 0.01% lower on Friday.
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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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