Key benchmark indices declined at opening bell on Monday. The Nifty regained 15,800 mark after opening below that level.
At 9:31 IST, The Sensex was down 370.71 points, or 0.70% at 52,769.35. The Nifty 50 index slipped 101.9 or 0.64% to 15,821.50.
The Nifty Mid-Cap 50 index traded 0.29% lower while the Nifty Small-Cap 50 index was up 0.03%.
Foreign portfolio investors (FPIs) sold shares worth Rs 466.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 666.07 crore in the Indian equity market on 16 July, provisional data showed.
Politics:
The monsoon session of the Parliament will begin today (19 July) and it will conclude on 13 August 2021. The government has listed 17 new bills for introduction in the session. Apart from the new bills, the legislations to be introduced in Lok Sabha include three bills to replace existing ordinances.
The government and the opposition are likely to discuss raging issues of the COVID-19 pandemic, farmers' protest, fuel prices hike and vaccination strategy.
The report about phones of at least 40 journalists hacked using Pegasus is also expected to come up during the session. Telephone numbers of some 40 Indian journalists figure in a "leaked list of potential targets for surveillance" and forensic tests were said to have "confirmed that some of them were successfully snooped upon by an unidentified agency using Pegasus software", the media reported on Sunday.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.13% while shares of Just Dial fell 2.06%.
RIL on Friday announced that through its retail arm Reliance Retail Ventures (RRVL) it is acquiring a majority stake of 66.95% in local search engine company Just Dial for Rs 3,497 crore.
HDFC Bank fell 2.61% to Rs 1,482.55. The private bank reported 16.08% rise in standalone net profit to Rs 7,729.64 crore on 6.73% increase in total income to Rs 36,771.47 crore in Q1 FY22 over Q1 FY21.
Tata Power gained 1.53% after the company on Friday announced that it has signed an agreement with Hindustan Petroleum Corporation (HPCL) to provide end-to-end EV charging stations at HPCL's retail outlets (petrol pumps) in multiple cities and major highways across the country.
L&T Finance dropped 3.48%. On a consolidated basis, the NBFC posted a 20% rise in net profit to Rs 177.85 crore on 11.6% decline in total income to Rs 3,201.49 crore in Q1 FY22 over Q1 FY21.
Global markets:
Overseas, Asian stocks declined on Monday on concerns about the impact of elevated inflation and Covid-19 outbreaks on economic prospects.
OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group - collectively known as OPEC+ will start in August, OPEC said in a statement. The development came as Brent surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic.
U. S. stocks fell on Friday weighed down by declines in Amazon, Apple and other heavyweight technology stocks, while investors worried about a rise in coronavirus cases tied to the highly contagious Delta variant.
A preliminary reading of the University of Michigan's index of consumer sentiment fell to 80.8 in July from a final reading of 85.5 in June, notching the measure's lowest level since February.
Separately, the US Commerce Department released a report showing retail sales climbed by 0.6% in June after plunging by a revised 1.7% in May. Excluding a steep drop in sales by motor vehicle and parts dealers, retail sales jumped by an even stronger 1.3% in June following a revised 0.9% decrease in May.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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