Markets tank in early trade dragged by Reliance, Kotak Mahindra Bank, weak global peers
Mumbai (PTI): Equity benchmark indices declined in early trade on Monday dragged by Reliance Industries and Kotak Mahindra Bank along with weak global market trends.
The 30-share BSE Sensex tanked 504 points to 80,100.65 in early trade. The NSE Nifty dropped 168.6 points to 24,362.30.
Among the Sensex pack, Kotak Mahindra Bank, Reliance Industries, Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank were the biggest laggards.
UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the gainers.
HDFC Bank climbed 1.57 percent after the company's consolidated net profit grew 33.17 percent to Rs 16,474.85 crore in the June 2024 quarter.
In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory.
The US markets ended lower on Friday. Global oil benchmark Brent crude climbed 0.67 percent to USD 83.18 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 percent to settle below the 81,000-mark at 80,604.65.
The NSE Nifty tumbled 269.95 points or 1.09 percent and ended at 24,530.90 after hitting its fresh record peak of 24,854.80 during the opening bell on Friday.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
