Sensex dips 495 pts; Nifty below 11600; RIL, financials drag

Sensex dips 495 pts; Nifty below 11600; RIL, financials drag

Mumbai, Apr 22: The market made a faltering start to the week ahead of the expiry of futures and options contracts for April series due Thursday with Oil Marketing Companies (OMCs) and financial stocks dragging the indices down on Monday. Index heavyweight Reliance Industries (RIL) slipped 3 per cent on Monday after the company announced its March 2018 quarter results on Thursday. At the current levels, the stock factors in most positives, said leading brokerages.
The headline index, S&P BSE Sensex lost 495 points or 1.26 per cent to settle at 38,645, with YES Bank being the biggest loser and Bharti Airtel the top gainer. Out of 31 components, 25 scrips ended in the red and rest five in the green. The broader Nifty50 index of the National Stock Exchange (NSE) lost 158 points or 1.35 per cent to end at 11,594.
In the broader market, the S&P BSE Midcap index slipped 235 points or nearly 1.53 per cent to close at 15,148 while the S&P BSE Smallcap index ended at 14,804, down around 217 points or 1.44 per cent.
A 3 per cent jump in oil prices amid weak global cues also dented sentiment. Asian shares slipped on Monday, weighed down by underperforming Chinese stocks, while oil prices rallied on news the United States is likely to ask all importers of Iranian oil to end their purchases or face sanctions. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.3 percent, edging away from a nine-month peak scaled last week. The Shanghai Composite Index was down 1.3 percent, South Korea’s KOSPI edged down 0.2 percent and Japan’s Nikkei was little changed.
BUZZING STOCKS: Dewan Housing Finance Corporation (DHFL) shares plunged 11 per cent to end the day at Rs 140, extending its Thursday’s 8 per cent decline after rating agency CRISIL downgraded credit rating of the company’s commercial paper and continued on watch negative.