Sensex slips 120 points in early trade

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SME Times News Bureau | 20 Jan, 2020
The benchmark Sensex declined 120 points during the early trade on Monday owing to the selling in heavyweights.

Reliance Industries, HDFC Bank and TCS fell over 1 per cent on the NSE. Besides, the market breath was also negative as 39 out of the 50 Nifty stocks traded in the red.

At 10.22 a.m., the Sensex was down 118.45 points at 41,826.92. It opened at 42,263, higher from its previous close of 41,945.37.

It touched an intra-day high of 42,273.87 and a low of 41,796.23.

The broader Nifty also slipped 78.15 points to 12,430.50.

This week, companies like Kotak Mahindra Bank, Zee Entertainment Enterprises, Axis Bank, Larsen & Toubro, Biocon, Bank of Baroda and ICICI Bank, among others, are expected to announce their Q3 earning results.

Reliance Industries (RIL) quarterly results had missed street estimates due to weak petrochemical segment which was impacted by weak product prices and higher feedstock prices, JM Financials said.

"Revenue growth continues to be a struggle for TCS; 0.3 per cent QoQ constant currency (CC)growth in 3QFY20 was below our 0.9 per cent estimates. While part of the miss appears to be from higher impact of the seasonal furloughs," it added.