Sensex Falls Over 300 Points; Nifty Settles At 16,631
(RTTNews) - Indian shares ended lower on Monday after Reliance Industries posted a lower-than-expected profit for the June quarter and Infosys delivered a mixed set of numbers.
Investors also braced for a busy week of U.S. tech earnings and the Fed meeting for clues to the economic and rate outlook.
The benchmark S&P BSE Sensex dropped 306.01 points, or 0.55 percent, to 55,766.22, while the broader NSE Nifty index settled at 16,631, down 88.45 points, or 0.53 percent, from its previous close.
ONGC, Eicher Motor, Maruti Suzuki India, Reliance Industries and Mahindra & Mahindra fell 2-4 percent in the Nifty pack, while Tata Steel jumped more than 3 percent on news that the company has threatened to shut down its U.K. operations unless the British government steps in with a subsidy of about £1.5 billion (Rs 14,400 crore) in the course of the next 12 months.
Apollo Hospitals Enterprise, Hindalco, Coal India and IndusInd Bank rose 1-2 percent. The rupee strengthened to over one-week high as the dollar dipped in international markets amid expectations that the U.S. Federal Reserve will likely slow the pace of interest-rate increases after front-loading policy with a second straight 75-bps rate hike on Wednesday.
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