The BSE benchmark Sensex fell more than 861 points to close below the crucial 58,000-level on Monday due to frantic selling, primarily in IT and financial shares, as the Federal Reserve's ultra-hawkish tone alarmed investors around the world.
The 30-share BSE barometer fell around 1,466 points during the course of the day after beginning the day substantially lower below the 57,400-level. At 57,973, the Sensex ultimately closed down 861 points, or 1.46 percent. Tech Mahindra, Infosys, Wipro, HCL Tech, and TCS were the biggest decliners on the Sensex chart, losing as much as 4.57 percent. However, some notable winners included Maruti Suzuki, Nestle Industries, Asian Paints, ITC, M&M, and HUL. 22 equities closed in the red, giving sellers a comfortable lead in the Sensex breadth.
Reliance Industries' stock plummeted 0.84 percent on Monday after the company held its 45th annual general meeting and made a number of big-bang announcements. On July 23 of last year, the stock reached a close of Rs 2,105, representing gains of 23% for the time period.
Meanwhile, Shares of Bharti Airtel, a competitor of RIL in the telecom industry, ended the day 1.17 percent lower, or Rs 8.55, at Rs 722 on BSE.
After RIL CMD Mukesh Ambani announced, the Airtel stock ended slightly lower "By this Diwali, the Reliance Jio 5G network will be introduced in a number of significant cities throughout the nation. Every Indian town will have 5G services available thanks to Reliance Jio. By this Diwali, the Reliance Jio 5G network would be introduced in a number of significant cities throughout the nation."
Reliance Jio will provide 5G services in every Indian town, he said. Ambani was speaking at the 45th Annual General Meeting of the oil-to-telecom giant (AGM). Chairman of Reliance Jio, Akash Ambani, said: "Jio will roll out the most recent 5G technology, known as "standalone 5G." Jio would spend Rs 2 lakh crore to create an all-India real 5G network."
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