Markets may be edgy; Vodafone Idea, Reliance shares in focus

MUMBAI: Indian markets are likely to be on the edge on Monday following global peers. Trends in the SGX Nifty suggest a negative start fo Indian benchmark indices.

On Friday, the BSE Sensex ended at 38,357.18, down 633.76 points or 1.63%. The 50-share index Nifty was at 11,333.85 shedding 193.60 points or 1.68%.

Asian shares were on the defensive on Monday as investors grappled with sky-high valuations against the backdrop of a global economy in the grip of a deep coronavirus-induced recession while oil prices dropped sharply.

World shares hit a record high last week as central bank stimulus drove asset valuations to heady levels. The rally has since cooled as tech stocks sold off while worries over patchy economic recovery dogged investors.

Promoters of Vodafone Idea Ltd are staring at a sharp erosion of their shareholding if the telco’s fundraising plans bear fruit, given the company’s relatively low market

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