Markets close with modest losses, Reliance Industries becomes top loser in Sensex pack

Mumbai: The Sensex and Nifty closed with modest losses on Monday, pressured by market heavyweight Reliance Industries which slipped after delaying the launch of its low-cost smartphone. A depreciating rupee further sapped risk appetite, traders said.

The 30-share BSE Sensex ended 127.31 points or 0.22 per cent lower at 58,177.76. The broader NSE Nifty dipped 13.95 points or 0.08 per cent to 17,355.30.

Reliance Industries was the top loser in the Sensex pack, shedding 2.22 per cent, after Jio delayed the launch of its ultra-low-cost smartphone it is developing with Google, to Diwali, possibly due to the semiconductor shortages plaguing the industry.

JioPhone Next was previously slated to be launched on Friday (September 10).

ICICI Bank, HUL, HDFC Bank, M&M, IndusInd Bank and Tech Mahindra were among the other laggards, dropping up to 1.79 per cent.On the other hand, TCS, Bharti Airtel, Bajaj Finserv, Tata Steel, Maruti and Kotak Bank were among the gainers, climbing as much as 1.38 per cent.

Market breadth was positive, with 20 of the 30 Sensex stocks closing in the green. Sector-wise, BSE energy, bankex, consumer durables and finance indices lost up to 1.51 per cent, while metal, utilities, basic materials, telecom and teck mustered gains. The Indian rupee fell 18 paise to close at 73.68 against the US dollar on Monday.