India’s stock benchmarks broke their three-day winning streak on Friday, dragged by losses in Reliance Industries, after the Supreme Court ruled that an arbitration order halting the sale of Future Retail’s assets to the conglomerate was valid. Meanwhile, the Reserve Bank of India’s monetary policy committee kept interest rates stable at record lows on Friday, as expected. The Sensex fell a whopping 423 points from its highest level for the day, and the Nifty 50 index fell below the all-important psychological level of 16,250.
The Sensex finished 215 points lower at 54,277.72 and the Nifty 50 index fell 56 points to close at 16,238.20.
Shares of Reliance Industries fell a whopping 2.54 percent, hitting an intraday low of Rs 2,079 on the BSE after the Supreme Court on Friday said Reliance Retail had closed its $3.4 billion deal to buy retail assets from Future Groups. cannot continue.
Rate-sensitive banking, financial services and real estate stocks witnessed mild selling pressure from profit bucking after the Reserve Bank of India kept repo rates unchanged at a record low.
Cipla was the top loser, the stock rose 3.5 percent to Rs 912. Shree Cements, UltraTech Cement, Tata Steel, HDFC, Larsen & Toubro, HCL Technologies, State Bank of India, JSW Steel and Nestle India were also among the losers .
On the other hand, IndusInd Bank, Adani Ports, Indian Oil, Tech Mahindra, Tata Consumer Products, Bharti Airtel, SBI Life, NTPC and Maruti Suzuki were among the losers.
Glenmark Life Sciences closed 4 percent higher on its debut in the Mumbai market after its IPO was 44 times oversubscribed.
Overall market size was positive as 1,822 stocks finished higher while 1,389 closed lower on the BSE.