The domestic stock benchmarks Nifty50 and S&P BSE Sensex both corrected nearly 2 percent in afternoon trading on Monday after Reliance Industries fell over 4 percent in early trading

The domestic stock benchmarks Nifty50 and S&P BSE Sensex both corrected nearly 2 percent in afternoon trading on Monday after Reliance Industries fell over 4 percent in early trading. Bank Nifty also corrected almost 2.5%. The banking index stood at 37,102.40, down 873.85 points, or 2.3%.

Meanwhile, the heavyweight’s market shares fell over 4% or more than 110 rupees after Reliance Industries decided to sell its stake in its oil -to-Chemicals (O2C) business of Saudi Arabia’s Aramco, which triggered the decline. A

The shares of India’s Most Valuable Company traded on the BSE at around 12.20pm on Monday intraday trading at Rs 114.75, or 4.64%, lower to Rs.2358 per share. A

“Reliance stocks are mostly driving the indices down,” Kshitij Purohit, senior manager at CapitalVia Global Research Limited, told Reuters. A

However, the stop on the stake sale is unlikely to affect Reliance as other factors work in its favor, including a strong rebound in refining margins, a possible surge in telecom prices and a strong retail business, according to Sumit Pokharna, VP Researched Kotak Securities.

Reliance recently added Aramco chairman Yasir Al-Rumayyan to its board of directors following opposition from the California State Teachers’ Pension Fund. Al-Rumayyan’s appointment, which was initially seen as part of a process to formalize the sale of shares, is later said to have no connection to the deal.

Meanwhile, poor performance from India’s largest IPO to date, Paytm, was another factor which caused a decline in the markets. Paytm’s shares fell as much as 18.16%, or Rs 284.00, to Rs 1280.15 on their second day of trading despite positive Q2 data. The start-up for digital payments had weak market launches in India on Thursday.

The announcement by the finance ministry about a uniform GST rate of 12 percent for man-made fibers (MMF), yarns, fabrics and clothing also had a negative impact footwear and apparel inventory as shoes and apparel get expensive from January 1, 2022 MMF, MMF yarn and MMF fabrics are 18 percent, 12 percent and 5 percent, respectively.

Major auto stocks, including Tata Motors, Bharat Forge and Bosch Ltd, each down over 3% as concerns about the scarcity of chip supplies persisted, according to analysts Monday. A

On the market decline, Rahul Shah, Co-Head of Research at Equitymaster, said that high growth expectations have been built into stock market valuations for quite some time. “If those expectations are not met soon enough, we could see further downward pressure on prices,” he said,

He said the broader market is already quite expensive from a valuation perspective. The only thing holding them back was hopes of a quick rebound in corporate earnings, Shah said. “Any delay or bad news on this front could lead to further impending drawbacks. If your time horizon is ten years, you needn’t worry too much as long-term India history is intact. But if it is 2-3 years then then it can be a good idea to liquidate all or part of your most profitable investments and take some money off the table, “said Co-Head of Research at Equitymaster

Gaurav Garg, Head of Research, Capitalvia Global Research Ltd, said the rising inflation and new Covid-19 cases in different parts of the world are the main triggers for this decline on Tuesday

“The BSE Sensex 30 index is currently trading at 58,586. 4 stocks rose against 26 stocks that fell in the index. The CNX Nifty is currently trading around the 17487 level, with all sector indices trading in red with Auto, Oil & Gas, Pharma, PSU Bank, Power, Capital Goods and Real Estate up 1-2% have fallen. BSE mid-cap and small-cap indices lost nearly 2 percent each. Our research suggests that the 58,200-58,500 levels can serve as important support in the market. If the market is unable to maintain the same level, we can expect selling pressure to 57900, “he said

(Disclaimer: The views / suggestions / advice expressed in this article are from investment professionals only. Zee Business recommends its readers to consult with their investment advisors before making any financial decision.)
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