October 17, 2021

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Sensex, Nifty end lower as losses in Reliance outweighs Coal India gains



a person standing in front of a fence: Stock market closing


Stock market closing

Indian shares closed lower on Monday, as losses in heavyweight Reliance Industries over a delay in launching its low-cost smartphone, outweighed sharp gains in Coal India.

The blue-chip NSE Nifty 50 index closed 0.08% lower at 17,355.30, and the benchmark S&P BSE Sensex fell 0.22% to 58,177.76.

Investors are also awaiting August inflation data due later in the day, though analysts expect the reading to hold steady and stay within the central bank’s comfort zone, a Reuters poll showed.

Reliance dragged the index lower, ending down 2.23% after it delayed the launch of an “ultra-affordable” smartphone, being developed by the company’s telecom arm and Google, to November.

Private sector lenders ICICI Bank and HDFC Bank ended down 1.8% and 0.8% respectively and were among the top five losers on the Nifty.

However, losses were cushioned by sharp gains in the world’s largest coal miner, Coal India, that ended up 4% after local media reported it might raise prices to mitigate the impact of rising costs and a wage revision.

IT stocks also lent support, with shares of Tata Consultancy Services closing 1.4% higher, among the top gainers on both the indexes, following the company’s partnership with Dutch tech company NXP Semiconductors NV.

Among other stocks, beleaguered airline Jet Airways jumped 5% on news it would resume domestic operations by the first quarter of 2022. Telecom operator Bharti Airtel, which scaled a record high during the session, ended up 1.04%.

Nifty’s metal index advanced for a third session, rising 1.29%.

Suryoday Small Finance Bank SURO.BO settled 20% higher after a report said lender Clix Capital Services was in merger talks with the bank.

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