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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Businessman burnt to death as moving car catches fire in Noida
Noida (PTI): A 46-year-old businessman was burnt to death after his moving car caught fire in Uttar Pradesh’s Gautam Buddha Nagar district, police said on Tuesday.
According to police, the victim was identified as Rajkumar Singhal, who was engaged in the paint business. The incident occurred late on Monday night near Sorkha village under the Sector 113 police station area.
Station House Officer Krishna Gopal Sharma said Singhal was driving towards Parthala Chowk when his vehicle suddenly caught fire for reasons yet to be ascertained.
Singhal was unable to get out of the car and died in the blaze, the SHO said.
Fire tenders reached the spot after receiving information, but the car had already been gutted, police said. The body has been sent for post-mortem examination and an investigation is underway.
Police suspect the presence of paint or other inflammable material in the car may have caused the fire to spread rapidly.
