Markets decline in early trade after record-breaking rally last week
The Hindu
Benchmark equity indices declined in early trade on Monday after a record-breaking rally last week as investors went in for profit-taking amid a largely weak trend in Asian markets.
Benchmark equity indices declined in early trade on Monday after a record-breaking rally last week as investors went in for profit-taking amid a largely weak trend in Asian markets.
Snapping its three-day rally, the 30-share BSE Sensex declined 341.46 points to 71,142.29. The Nifty dipped 65.30 points to 21,391.35.
Among the Sensex firms, ITC, ICICI Bank, Mahindra & Mahindra, IndusInd Bank, Axis Bank and UltraTech Cement were the major laggards.
Sun Pharma, Reliance Industries, Titan and Bajaj Finance were among the gainers.
In Asian markets, Tokyo, Shanghai and Hong Kong quoted lower while Seoul traded in the green.
The US markets ended mostly with gains on Friday.
Global oil benchmark Brent crude climbed 0.46% to $76.90 a barrel.
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Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
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Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
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