RVNL, RITES, SAIL fell up to 8% in weak market, BSE PSU index slips 3%

New Delhi: Rail Vikas Nigam, RITES, SJVN, among several other public sector companies, declined up to 8 percent in intra-day trade on Monday, October 7.

The segment's market, the BSE PSU index was down 3.3 percent at the time. RVNL stock was down over 7 percent, while shares of RITES, SJVN, and The New India Assurance Company slipped 6 percent each. Simultaneously, KIOCL, MRPL, Hindustan Copper, GMDC, Engineers India, HUDCO, IRCON, Bharat Dynamics, ITI, RCF, and Indian Overseas Bank shares were each down over 5 percent at the time.

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Likewise, General Insurance Corporation, MMTC, PFC, Cochin Shipyard, IRFC, REC, UCO Bank, SAIL, NCL India, and NTPC shares were down over 4 percent each, while Oil India and Central Bank were down over 3 percent each. On the flipside, NBCC shares were up over 2 percent today.

The benchmark index BSE Sensex was also down 0.86 percent at 80,991.13 at around the same time. After starting Monday's trading session in positive territory, Indian benchmark equity indices slipped into negative territory. The BSE Sensex fell over 962 points, to record an intraday low of 80,726.06.

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The National Stock Exchange (NSE) Nifty 50 dropped by 320 points, reaching a daily low of 24,694.35. The main reason for this decline was the selling of Rs 9,896.95 crore worth of equities in the Indian markets by Foreign Institutional Investors (FIIs) on Friday (October 4).

Additionally, the escalating tensions between Iran and Israel, a significant downturn in the broader markets, and investors' shift towards the Chinese markets due to their seemingly cheaper valuations compared to India, also contributed to the fall in the frontline indices.

"The Indian market has been following a different path with the Nifty 50 declining 4.5 percent in a week. This sharp correction has been mainly triggered by the massive FII selling in the cash market, which reached Rs 40,509 crore during the last four days," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

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