Sensex drops more than 200 points, Nifty trades under 16,700, RIL drops more than 3%

Monday’s opening deals saw lower trading for Indian equities indexes, ending their six-day gain streak.

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The six-day winning streak for Indian market benchmarks was broken on Monday as opening trades were lower. As concerns about a worldwide economic slowdown reduced investors’ appetite for risk, Asian equities fell, retreating from nearly three-week highs.

The domestic indices got off to a cautious start, according to trends on the Nifty Futures on the Singapore Exchange (SGX Nifty).

Early in the day, the 30-share BSE Sensex dropped 226 points or 0.40 percent to 55,846 while the larger NSE Nifty declined 57 points or 0.34 percent to trade at 16,663.

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Mid- and small-capitalization stocks saw a little uptick, with the Nifty Midcap 100 rising 0.8% and small-caps increasing 0.9%.

The National Stock Exchange’s 15 sector gauges, seven of which were in the red, were trading. Nifty Oil & Gas and Nifty Pharma, two sub-indices, underperformed the NSE platform, declining by as much as 1.43 and 0.41 percent, respectively.

Reliance Industries, which fell 3.20 percent to Rs 2,423,055, was the biggest loser among the Nifty stocks. Additionally among the backwards were ONGC, UltraTech Cement, Grasim, and Shree Cement.

As 1,364 equities on the BSE were rising while 1,252 were falling, the market’s overall breadth was marginally positive.

Reliance, UltraTech Cement, Sun Pharmaceutical, Nestle India, HDFC, Tech Mahindra, NTPC, PowerGrid, M&M, Asian Paints, ITC, Hindustan Unilever, and Dr. Reddy’s were among the top losers on the 30-share BSE index.

The largest domestic financial investor and insurer in the nation, Life Insurance Corporation of India (LIC), saw a 0.03 percent decline in share price to trade at 688.75.

ICICI Bank, Axis Bank, IndusInd Bank, Tata Steel, Kotak Mahindra Bank, and Airtel, on the other hand, were trading in the black.

The Sensex had risen 390 points or 0.70 percent to end the day at 56,072, and the Nifty had risen 114 points or 0.69 percent to end the day at 16,719 on Friday.