Sensex, Nifty finish lower as Reliance tumbles

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.

BSE sensex ended 127.31 points or 0.22% lower at 58,177.76. The broader NSE Nifty dipped 13.95 points or 0.08% to 17,355.30.

Reliance Industries was the top loser in the sensex, shedding 2.22%, 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.

ICICI Bank, HUL, HDFC Bank, M&M, IndusInd Bank and Tech Mahindra were among the other laggards, dropping up to 1.79%.

TCS, Bharti Airtel, Bajaj Finserv, Tata Steel, Maruti and Kotak Bank were among the gainers, climbing as much as 1.38%.