Mumbai, August 13: With Indian economy trailing at snail's speed, Sensex on Monday plunged by more than 260.63 points to 37,321.28 in early trade, a day after the market was closed. While NSE Nifty moved to 11,041.40, down 68.25 points from the previous close. The main reason for the tumbling market is estimated to be due to the Sino-US trade war, protests in Hong Kong and a crash in Argentina’s peso currency.
Among the major gainer in the opening trade was Reliance Industries, whose share price is up more than nine per cent to Rs 1,262.66. The reason for this jump is estimated due to Mukesh Ambani-led RIL's AGM meeting on Tuesday where the made a slew of disruptive announcements and a plan to achieve a net debt of zero within the next 18 months. Economic Crisis in India: PM Narendra Modi Says Will Revive Indian Economy Through Long-Term Growth Plans, Asks Experts to Look at Macro Picture of Budget 2019
Apart from RIL, the share for Tata Steel, ONGC, Yes Bank, Asian Paint, Indus Ind Bank and Hero Moto Corp saw a rise in the opening trade, while NTPC, Bharti Airtel, Maruti, Bajaj Auto, TCS and ITC continued to decline in the Dalal street index.
Earlier on Friday, Sensex closed at 37,581.91 with 254 points higher, while for Nifty it was 11,109, registering a rise of 77 points. For the first time in 29 last 29 consecutive sessions, foreign institutional investors (FII) turned net buyer in the secondary market on Friday and bought shares worth Rs 204 crore.
With the economy slowing down and reports of rising FPI (foreign portfolio investments), Prime Minister Narendra Modi assured that the central govt is looking at various aspects to revive the economy and is mulling tax cuts. He assured that the finance ministry is going to take measures to boost the confidence of investors in the Indian market.