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Nifty falls below 11,150 and Sensex drops 250 points

In Nifty The Domestic benchmark indices ideally opened flat but surged around 140 points higher in the opening minutes of Monday’s trading session to only slip deep into the red. The S&P BSE Sensex was down over around 200 points while around the 50-stock as Nifty slipped below the around 11,1500 marks.

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The Indian market that ended the day in red on Friday but posted sixth straight weekly gains as well. The Sensex ended around 11 points lower to around 38,128 while the Nifty50 index ended at around 11,194, down about 21 points. Broader markets have been ended little unchanged as compared to the benchmarks, and the Nifty Midcap 100 index ended around 0.28 points lower whereas the Nifty Smallcap 100 index ended around 0.22 points higher as well.

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Reliance Industries shares were simply trading higher with over around 2% gains at around Rs 2,188 per share that is a new high for the stock that was also the top gainer on the Sensex on Monday morning as well. Asian Paints, TCS, and also Kotak Mahindra Bank were the other top gainers as well.

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TCS

Additionally, Down deep in red were HDFC Bank, ICICI Bank, and IndusInd Bank. Among Nifty sectoral indices, only Nifty IT and so also Nifty Media were trading in the green as well.

India and the United States are inching so closer to a trade deal that could iron out how around 15% or around $13 billion worth of the annual trade between the two countries will shape up as well. This deal will also include a complete restoration of duty benefits for New Delhi which under the Generalised System of the Preferences (i.e. GSP).

As part of the deal, India could reduce tariffs on high-end bikes like Harley Davidson, which pledge greater market access in farm products, that including cherry, and also sweeten its initial offer on easing price caps in the medical equipment as well. The Commerce Minister Piyush Goyal last week had told that India and also the United States was inching closer to a deal as well.

Also Read : NSE will add Abbott, Info Edge and Muthoot finance to NIFTY next 50 from June 26