Sensex drops more than 850 pts IT, financial stocks lag


The BSE benchmark Sensex fell more than 861 points to close below the crucial 58,000 level on Monday on rampant selling, mostly in IT and financial stocks, as the ultra-hawkish tone of the Federal Reserve alarmed investors around the world.

The 30-stock BSE Barometer fell around 1,466 points during the day after starting the day significantly lower than the 57,400 level. At 57,973, the Sensex finally closed 861 points, or 1.46%.
Tech Mahindra, Infosys, Wipro, HCL Tech and TCS were the biggest decliners on the Sensex chart, losing as much as 4.57%. However, some notable winners included Maruti Suzuki, Nestle Industries, Asian Paints, ITC, M&M and HUL. 22 stocks closed in the red, giving sellers a comfortable lead in the Sensex range.

Shares of Reliance Industries fell 0.84% ​​on Monday after the company held its 45th annual general meeting and made a number of high-profile announcements. On July 23 last year, the stock closed at Rs 2,105, representing gains of 23% for the period.

Meanwhile, shares of Bharti Airtel, a competitor of RIL in the telecommunications industry, ended the day down 1.17%, or Rs 8.55, to Rs 722 on BSE.

After RIL CMD Mukesh Ambani’s announcement, Airtel’s stock ended slightly lower “By this Diwali, Reliance Jio 5G network will be introduced in a number of major cities across the country. Every Indian city will have of 5G services through Reliance Jio. By this Diwali, Reliance Jio 5G network would be introduced in a number of major cities across the country.”

Reliance Jio will provide 5G services in every Indian city, he said. Ambani was speaking at the 45th annual general meeting of the telecommunications oil giant (AGM). Reliance Jio Chairman Akash Ambani said, “Jio will deploy the latest 5G technology, known as ‘Standalone 5G’. Jio would spend Rs 2 lakh crore to build a true 5G network across India. “

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