Sensex drops 129 points; Reliance tumbles 2%

Domestic equity benchmark Sensex dropped 129 points on Friday, tracking losses in index heavyweights Reliance Industries and HDFC twins amid weak cues from global markets.

The BSE Sensex ended 129.18 points or 0.34 per cent lower at 37,606.89, while the NSE Nifty fell 28.70 points or 0.26 per cent to 11,073.45.

Reliance Industries was the top loser on the Sensex chart, shedding around 2 per cent, as investors began booking profits at higher levels.

The company on Thursday reported a record net profit of Rs 13,248 crore for the June quarter after a one-time gain from stake sale as well as bumper telecom revenues cushioned COVID-19 hit earnings from refining, petchem and retail segments.

HDFC Bank, Asian Paints, Kotak Bank, Bajaj Auto and HDFC were among the other laggards.

On the other hand, Sun Pharma, M&M, HCL Tech and Axis Bank finished higher.

Shares of SBI surged around 3 per cent after the lender posted an 81 per cent spike in standalone net profit at Rs 4,189.34 crore for the first quarter of the current fiscal.

According to traders, domestic equities traded on a volatile note tracking weak global cues after US GDP data showed that the economy plunged by a record-shattering 32.9 per cent annual rate last quarter.

Bourses in Hong Kong, Tokyo and Seoul settled in the red, while Shanghai finished with gains.

Stock exchanges in Europe were trading with marginal gains in early deals.

Global oil benchmark Brent crude was trading 0.51 per cent higher at USD 43.47 per barrel.