On Monday the market was bearish as more and more investors got involved in selling stocks of IT, Private banks, energy and infra. This kind of heavy selling’s took the stock barometer low. Rising coronavirus cases in the country also added pressure on the markets. At close, the Sensex ended 667 points or 1.77 percent lower to 36,939.60 while the Nifty50 index ended at 10,892, down 182 points.
The reasons are:
- RIL – Reliance industries was down 1.86% as there were too many concerns about extending the loan moratorium’s. RIL single-handedly bough down SENSEX about 120 points.
- Kansai Nerolac – It recorded a net profit of Rs. 29.6 crore, down 79.5%, thus this gave a negative impact on the stock.
- Bandhan Bank – The stock price fell up to 14.49% as the NSE, Media report said that the bank is looking to raise Rs. 10,500 crores by cutting the promoter’s shareholding.
- TVS Motor – Dip in the July sales lead to a slight downside. 10 percent decline in total sales at 2,52,744 units in July 2020.
- Energy update – Crude oil prices were lower on MCX trading below Rs 3,000 level mark with oversupply fears remaining the biggest concern among investors.
- Coronavirus – India recorded more than 50,000 coronavirus cases for a fifth consecutive day. Home Minister Amit Shah and Karnataka CM B S Yediyurappa were reported to be among prominent political leaders who have tested positive for coronavirus.
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