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HDFC Bank, Reliance Industries pull down Sensex, Nifty 50 from record levels
Reliance Industries and HDFC Bank—as well as Tata Motors PV and Trent—are the stocks in news today. Track the latest on India's stock market here.
India's stock market fell today, pulled lower by heavyweights HDFC Bank Ltd. and Reliance Industries Ltd., a day after Nifty 50 hit record high.
At 10:30 am, both S&P BSE Sensex and the NSE Nifty 50 were down roughly 0.20% each. The Nifty 50 hit an intraday record on Monday before reversing to close 0.3% lower.
Seven of the 16 major sectors declined. The broader small-cap and mid-cap indices rose 0.2% and 0.1%, respectively. HDFC Bank and Reliance Industries, the two biggest stocks on the benchmark indexes, dropped 1.6% and 3%.
“Sentiment remains subdued due to geopolitical tensions and concerns over potential trade frictions, which continued to weigh on risk appetite,” Ajit Mishra, senior vice president of research at Religare Broking, told Reuters.
Stocks in news today
- Reliance Industries said it does not expect any Russian oil imports in January, denying a Bloomberg News report that three vessels carrying Russian oil were headed to its Jamnagar refinery.
- Trent Ltd. fell as much as 8.34% after guiding for flat revenue growth in the festive quarter of October-December when consumers buy apparel.
- Tata Motors PV Ltd. lost 3% after its unit JLR's third-quarter volumes dip 43.3% due to production stoppages linked to a cyberattack.
- Kotak Mahindra Bank Ltd. and Axis Bank Ltd. rose about 0.5% and 1% after upbeat business updates for the December quarter.
- Emmvee Photovoltaic Power Ltd. jumped 5.1% after Jefferies initiated coverage with a "buy" rating, projecting an upside of 70% in the next 12 months.
