Sensex, Nifty end lower; Reliance, ICICI Bank top drags
Nifty, Sensex
The Nifty closed 0.74 per cent lower at 10,936.85, while the Sensex was down 0.6 per cent at 36,323.77
The Sensex and Nifty ended lower on Monday, as a dip in oil prices hurt energy stocks such as Reliance Industries Ltd, while ICICI Bank Ltd fell on reports that the bank has hired a law firm to look into allegations of irregularities in some loan accounts.
The Nifty closed 0.74 per cent lower at 10,936.85, while the Sensex was down 0.6 per cent at 36,323.77.
Reliance Industries closed 2.2 per cent lower, while ICICI Bank fell 3.2 per cent.
Asian shares declined after official data showed China`s economy slowed slightly in the second quarter, compounded by fears of a full-scale Sino-US trade war looming over markets.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.43 per cent.
The market is retracing a little bit after hitting record levels last week, said Gaurang Shah, head investment strategist, Geojit Financial Services.
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"There is lot more to be seen," Shah said, adding, "corporate earnings are looking good, monsoon has panned out well, and India doesn`t have to worry much about trade war jitters as we are a consumption-driven economy."
Energy shares took a beating after crude prices dropped as concerns around supply disruptions eased, while traders eyed potential supply hikes by Russia and other oil producers.
Shares in ICICI Bank Ltd dropped up to 4.2 per cent to their lowest since October 2017, on media reports that the bank has launched an external probe to examine allegations of irregularities in some loan accounts.
Healthcare stocks fell with Nifty Pharma index dropping 2.9 per cent.
Dr.Reddy`s Laboratories Ltd plunged as much as 10.8 per cent after a US court granted Indivior a preliminary injunction, blocking the Indian company from selling generic versions of the British drugmaker`s bestselling opioid addiction treatment in the United States.
Shares of Glenmark Pharmaceuticals Ltd posted their biggest fall in over a month on report that the Indian competition regulator has penalised the firm, three of its officials and chemists associations about 470 million rupees ($6.86 million) for indulging in unfair business practices.
Meanwhile, Infosys was the top boost on both indexes, gaining as much as 5.1 per cent, as brokerages remained upbeat on the growth outlook for India`s second-biggest IT firm, even as it missed market estimate for the June-quarter results.