Stock markets: Sensex plunges 354 points; Reliance, Bharti Airtel lead sell-off

NEW DELHI: The Indian stock market witnessed a pullback on Monday as the benchmark Sensex plunged by 354 points, primarily driven by selling pressure in major index constituents such as Reliance Industries, Bharti Airtel, and Maruti.

The 30-share BSE Sensex concluded the trading session with a decline of 354.21 points or 0.49%, settling at 71,731.42, primarily due to late-session selling. Throughout the day, the index oscillated between a high of 72,385.93 and a low of 71,602.14.

Similarly, the broader Nifty index also experienced a dip, shedding 82.10 points or 0.38% to close at 21,771.70.

Among the prominent constituents of the Sensex, Bajaj Finance, Bharti Airtel, Maruti, Bajaj Finserv, HCL Technologies, Titan, Hindustan Unilever, JSW Steel, UltraTech Cement, State Bank of India, and Reliance Industries emerged as the major draggers.

On the flip side, Tata Motors surged nearly 6% following the company's announcement of a two-fold increase in net profit to Rs 7,100 crore for the December quarter, a development that buoyed investor sentiment.

Other gainers included Sun Pharma, Power Grid, Mahindra and Mahindra, Tata Steel, NTPC, and Tata Consultancy Services.

In the Asian markets, Tokyo ended the day in positive territory, while Seoul, Shanghai, and Hong Kong closed lower. European markets were marginally down, contrasting with the positive closure of the US markets on Friday.

Foreign Institutional Investors (FIIs) were net buyers of equities worth Rs 70.69 crore on Friday, according to exchange data, providing some respite amid the broader market decline.

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