Sensex, Nifty drop 1.35%; Metals, Auto stocks fall sharply

BL Internet Desk October 26 | Updated on October 26, 2020 Published on October 26, 2020

There are many factors that go into how your income from trading in stocks is taxed.   -  Getty Images/iStockphoto

Reliance slips nearly 4 per cent on Singapore arbitration panel has put its deal with Future Group on hold

Domestic equity benchmark indices Sensex and the Nifty fell sharply on Monday dragged down by Metals, Auto, Bank and Media stocks. Also, Reliance Industries fell  nearly 4 per cent after a Singapore arbitration panel put its deal for Future Group assets on hold and as metal stocks declined following weak earnings from JSW Steel.

Also read: Arbitrator stays Future-RIL deal on Amazon complaint

The Sensex ended at 40,145.50, down by 540.00 points, or 1.33%,  from its previous close of 40,685.50.

Similary, the NSE Nifty has lost 177.70 points or 1.36 per cent to 11,767.75.

Among the major losers which pulled the markets down were Bajaj Auto, Tata Steel, Reliance, Bajaj Finance, Asian Paint, M&M, ICICI Bank, HDFC Bank and Kotak Bank and Tech Mahindra.

Stocks that bucked the weak market were IndusInd Bank, Nestle, Kotak Mahindra Bank, PowerGrid, TCS, L&T and Hindustan UniLever.

The Nifty Auto index lost 260.95 points or 3.22 per cent,  to 7,833.65. 

The Nifty Metals index ended lower by 85 points or 3.50%, at 2,357.55 after sector heavyweight JSW Steel reported a weaker-than-expected profit for the September quarter on Friday.

The steelmaker JSW Steel shares fell about 4.39% to Rs 307.15 on the NSE. Other losers were Tata Steel, down by 3.77%,  Jindal Steel was down 6.23% and Hindalco declined 5.23% today.

Also read: Companies and stocks to watch: October 26, 2020

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Published on October 26, 2020
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