Markets give up initial gains dragged by sharp fall in Kotak Bank
PTI
Equity benchmark indices began the trade on a buoyant note today, helped by buying in blue-chip HDFC Bank, but later gave up all the initial gains amid a sharp fall in Kotak Mahindra Bank and unabated foreign fund outflows.
The BSE Sensex jumped 545.27 points to 81,770.02 in early trade. The NSE Nifty climbed 124.25 points to 24,978.30.
However, soon the benchmark indices succumbed to profit-taking and were trading lower. The BSE benchmark gauge quoted 136.52 points down at 81,060.86 and the Nifty traded 100.70 points lower at 24,753.35. From the 30 Sensex firms, Titan, HDFC Bank, Asian Paints, Axis Bank, Tata Steel and HCL Technologies were among the biggest gainers.
Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Mahindra & Mahindra and NTPC were among the laggards.
Kotak Mahindra Bank tanked over 5% after the company's quarterly earnings failed to cheer investors. In Asian markets, Seoul, Tokyo and Shanghai were trading in the positive territory while Hong Kong quoted lower. The US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,485.70 crore on Friday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth Rs 5,214.83 crore.
Global oil benchmark Brent crude climbed 0.44% to USD 73.38 a barrel.
The BSE Sensex jumped 545.27 points to 81,770.02 in early trade. The NSE Nifty climbed 124.25 points to 24,978.30.
However, soon the benchmark indices succumbed to profit-taking and were trading lower. The BSE benchmark gauge quoted 136.52 points down at 81,060.86 and the Nifty traded 100.70 points lower at 24,753.35. From the 30 Sensex firms, Titan, HDFC Bank, Asian Paints, Axis Bank, Tata Steel and HCL Technologies were among the biggest gainers.
Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Mahindra & Mahindra and NTPC were among the laggards.
Kotak Mahindra Bank tanked over 5% after the company's quarterly earnings failed to cheer investors. In Asian markets, Seoul, Tokyo and Shanghai were trading in the positive territory while Hong Kong quoted lower. The US markets ended higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,485.70 crore on Friday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth Rs 5,214.83 crore.
Global oil benchmark Brent crude climbed 0.44% to USD 73.38 a barrel.