Sensex drops 1,145 points, shrewd ends below 14,700 on widespread selling pressure

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Indian stock indices faced strong selling pressure on Monday and fell for the fifth session in a row amid widespread selling pressure. Benchmarks opened weaker and longer losses, driven by selling pressure on index heavyweights Reliance Industries, HDFC, Tata Consultancy Services, ICICI Bank, ITC and Axis Bank. The Sensex fell 1,272 points and the Nifty 50 Index fell 347 points to an intraday low of 14,635.

The Sensex fell 1,145 points or 2.25% to close at 49,744 and the Nifty 50 Index fell 2% or 306 points to settle at 14,676.

Reliance Industries was the main drag for the Sensex, the stock fell nearly 3% to Rs 2022 after the Supreme Court on Monday banned a final ruling by a court reviewing the sale of retail assets of 3.4 billion dollars from Future Group until the higher court hears the aggrieved partner’s objections. Amazon.com Inc’s Reuters news agency reported citing three sources.

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Amazon appealed this month to the Supreme Court against the sale of Future Group to market leader Reliance Industries, accusing its partner of violating contracts by accepting the sale.

Reliance Industries alone has erased more than 200 points from the Sensex, according to data from the ESB.

Eicher Motors was Nifty’s best loser, the title fell 5 percent to Rs 2,453. Mahindra & Mahindra, Dr Reddy’s Labs, Tech Mahindra, Axis Bank, IndusInd Bank, Reliance Industries, SBI Life, TCS, Larsen & Toubro , Maruti Suzuki, Power Grid, HCL Technologies, HDFC and Tata Motors also between 3-5 percent.

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On the flip side, the metal’s shares outperformed in an otherwise weak session after copper prices surpassed $ 9,000 for the first time in 10 years. Hindalco, JSW Steel and Tata Steel rose 3 to 3.5 percent.

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Among the notable winners were Adani Ports, ONGC, HDFC Bank, Hero MotoCorp and Grasim Industries.

All 11 sector gauges except the Metal Equity Index ended down, led by the more than 3% drop in the Nifty Media Index. The Nifty PSU Bank, Private Bank, IT, Pharma, Realty, Auto and Bank indices fell between 1.5% and 3%.

Mid and small cap stocks also came under selling pressure, with the Nifty Midcap 100 and Smallcap 100 indices falling by more than one percent each.

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The overall market spread was extremely negative as 1,984 stocks ended lower while 1,038 closed lower on BSE.

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