Sensex, Nifty settle lower ahead of Budget
Mumbai, Jul 22 (PTI) Equity benchmark indices Sensex and Nifty ended lower on Monday, dragged down by heavy selling pressure in Reliance Industries and Kotak Mahindra Bank ahead of the Budget.
Besides, a weak trend in global equity markets also hit investors sentiment, traders said.
Falling for the second day in a row, the 30-share BSE Sensex fell 102.57 points or 0.13 per cent to settle at 80,502.08. During the session, it tanked 504 points or 0.62 per cent to 80,100.65.
The NSE Nifty dipped 21.65 points or 0.09 per cent to 24,509.25. During the day, it dropped 168.6 points or 0.68 per cent to 24,362.30.
Among the Sensex pack, Reliance Industries declined over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit.
Kotak Mahindra Bank also fell more than 3 per cent after its June quarter earnings failed to cheer investors.
ITC, State Bank of India, HCL Technologies and IndusInd Bank were the other big laggards.
NTPC, UltraTech Cement, HDFC Bank and Mahindra & Mahindra were among the gainers.
HDFC Bank climbed over 2 per cent after the company’s consolidated net profit grew 33.17 per cent to Rs 16,474.85 crore in the June 2024 quarter.
In Asian markets, Seoul, Tokyo and Shanghai settled lower, while Hong Kong ended in the positive territory.
European markets were trading higher in the mid-session deals. US markets ended lower in overnight trade on Friday.
According to the Economic Survey, 2023-24 tabled in Parliament on Monday, capital markets are becoming more prominent in India’s growth story, with an expanding share in capital formation and investment landscape on the back of technology, innovation and digitisation.
Further, Indian markets are resilient to global geo-political and economic shocks, it added.
“Despite heightened geo-political risks, rising interest rates and volatile commodity prices, Indian capital markets have been one of the best performing among emerging markets in FY24,” the Economic Survey said.
Meanwhile, global oil benchmark Brent crude dipped 0.08 per cent to USD 82.53 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,506.12 crore on Friday, according to exchange data.
The BSE benchmark hit its new all-time high of 81,587.76 in the initial trade on Friday but failed to carry forward the winning momentum and tanked 738.81 points or 0.91 per cent to settle below the 81,000 mark at 80,604.65.
Nifty tumbled 269.95 points or 1.09 per cent and ended at 24,530.90 after hitting its fresh record peak of 24,854.80 during the opening bell on Friday.
