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September 18, 2020

Market sees sluggish start, Reliance shares also fall

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MUMBAI: The Indian stock market seems to be sluggish on Friday amid global negative signals. The Sensex lost over 100 points in early trade to reach below 37,700 points. At the same time, when talking about the Nifty, it fell below the 11,100 mark. In the BSE major index Sensex, IT sector stocks, TCS, Infosys, HCL and Tech Mahindra were the brightest.

There was recovery in the shares of SBI, ICICI Bank and L&T. Let us tell you that at the end of trading on Thursday, the BSE fell by 335.06 points or 0.88 per cent to 37,736.07 and the Nifty lost 100.70 points or 0.9 per cent to close at 11,102.15. After a sluggish start, Reliance shares saw ups and downs. At the moment, the share price of Reliance has come down to Rs 2100. Let us tell you that even in this era of Corona epidemic, Reliance Industries Limited has earned a record profit in the first quarter. The company’s net profit reached a record level of Rs 13,248 crore in the April-June quarter of the current financial year.

Although the lockdown has adversely affected the earnings of the refining, petrochemicals and retail businesses, the telecom sector has offset this. The company said in a statement on Thursday that its net profit in the April-June quarter increased by 30.6 percent to Rs 13,248 crore. A year ago it was Rs 11,640 crore in the same quarter of 2019-20.

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