RIL’s JioPhone Delay, Private Banks, Retail Inflation: Why Markets Closed Lower

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RIL’s JioPhone Delay, Private Banks, Retail Inflation: Why Markets Closed Lower

By Aditya Raghunath -- A delay in Reliance Industries Ltd (NS: RELI ) JioPhone and waiting for retail inflation data caused markets to close lower today. Nifty 50 closed down less than 0.1% while the BSE Sensex 30 lost 0.22% today.

RIL was the top loser in the market today, closing down 2.3%, followed by ICICI Bank Ltd (NS: ICBK ) at 1.77%. SBI (NS: SBI ) Life Insurance Company Ltd (NS: SBIL ), Hindustan Unilever Ltd. (NS: HLL ) and HDFC Bank Ltd (NS: HDBK ) lost over 0.8% each. Nifty Bank closed down 0.58%.

Coal India Ltd (NS: COAL ) gained the most today at 3.9%, followed by Hindalco Industries Ltd. (NS: HALC ) at 3.27%. Kotak Mahindra Bank Ltd. (NS: KTKM ), Tata Steel Ltd (NS: TISC ) and Bharat Petroleum Corp. Ltd. (NS: BPCL ) gained over 1.5%.

Markets will have better direction tomorrow after data for retail inflation numbers will be released later during the day, today.

Asian markets closed up after a weak start today. Nikkei 225 gained 0.22% while KOSPI 50 was up less than 0.1% and the Shanghai Composite closed up 0.33%.

US stock markets are set to rebound from last week’s losses at the open later, buoyed by the decline in Covid-19 cases across the country last week (even though deaths – a lagging indicator – are still close to record high in some regions).

As of this report, Dow Jones 30 Futures were up 0.62%, while S&P 500 Futures were up 0.6% and Nasdaq 100 Futures were up 0.54%.

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  • Rakesh Gupta @Rakesh Gupta
    All analyst fire in d air.. someone is gonna hit
    Like 0

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