After opening nearly 3 per cent higher, RIL share price slipped 1.90 per cent in Mondays' trade. American private equity firm Silver Lake Partner announced an investment of Rs 5,655.75 crore in Reliance Jio.
Headline indices BSE Sensex and Nifty 50 slipped over 5 per cent in Monday’s trade on the back of negative global cues as investors panicked after the latest flare-up in US-China tensions. The plunge in markets was led by host of factors such as lockdown extension for another 14 days, weak corporate earnings and auto sales number for April. The 30-share Sensex was trading at 31,969.11, down 1,748.51 points or 5.19 per cent, Similarly, Nifty 50 index was ruling at 9,358, down 500 points or 5.09 per cent. Out of 30 Sensex stocks, 29 Sensex stocks were trading in deep sea of red. Sun Pharma was the only gainer with a growth of 1 per cent. While ICICI Bank, Bajaj Finance, IndusInd Bank were the top Sensex laggards.
RIL pares gains, turns negative: After opening nearly 3 per cent higher, RIL share price slipped 1.90 per cent in Mondays’ trade. American private equity firm Silver Lake Partner announced an investment of Rs 5,655.75 crore in Reliance Jio. Apart from this, Reliance Industries reported a 33.5 per cent decline in its consolidated profit before tax (PBT) at Rs 9,223 crore for the quarter ended on March 31.
Nifty Bank index worst performer: Barring Nifty Pharma, all the sectoral indices were trading in negative territory. Nifty Bank index was the top sectoral loser, down 7.24 per cent weighed by ICICI Bank, IndusInd Bank, RBL Bank and Bandhan Bank. Nifty Pharma gained nearly 1 per cent.
US-China flare-up: US President Donald Trump last week threatened new tariffs on China to retaliate for the spread of the novel coronavirus, putting the brakes on optimism about an economic re-start as countries ease restrictions, according to Reuters.
Lockdown extends for another 14 days: On Friday, the government announced to extend the lockdown by another 14 days till May 17, 2020, to curb the fast-spreading coronavirus in India. The total number of coronavirus cases in India are approaching 43,000-mark.
Global markets: Asian stock markets were trading lower on Monday. Hang Seng index fell 3.43%, South Korea’s Kospi lost 1.87% while the MSCI Asia ex-Japan index dropped 2.2%. On Wall Street, the Dow Jones Industrial Average fell 622.03 points, or 2.55%, to 23,723.69, the S&P 500 lost 81.72 points, or 2.81%, to 2,830.71, and the Nasdaq Composite dropped 284.60 points, or 3.2%, to 8,604.95.