Stock markets close lower on sharp fall in Kotak Bank, unabated foreign fund outflows
Equity benchmark indices Sensex and Nifty gave up initial gains and ended lower on Monday tracking a sharp fall in Kotak Mahindra Bank and relentless foreign fund outflows.
The 30-share Sensex declined 73.48 points or 0.09% to settle at 81,151.27. The barometer shot 545 points at the opening but succumbed to selling pressure later and hit a low of 80,811.23. The index gyrated 958.79 points between the day's high and the low level. The NSE Nifty dipped 72.95 points or 0.29% to 24,781.10.
From the 30 Sensex firms, Kotak Mahindra Bank tanked over 4% after the company's quarterly earnings failed to cheer investors.
Bajaj Finserv, IndusInd Bank, Adani Ports, UltraTech Cement, Bajaj Finance, Tata Consultancy Services, Infosys, Bharti Airtel, Hindustan Unilever and JSW Steel were the other big laggards. HDFC Bank climbed nearly 3% after the firm on Saturday reported a 6% increase in September quarter net profit to Rs 17,825.91 crore on a consolidated basis.
On a standalone basis, the largest private sector lender's post-tax net grew to Rs 16,820.97 crore during the reporting period, as against Rs 15,976.11 crore in the year-ago period.
Asian Paints, Mahindra & Mahindra, Reliance Industries, Maruti and Tech Mahindra were also among the gainers.
The 30-share Sensex declined 73.48 points or 0.09% to settle at 81,151.27. The barometer shot 545 points at the opening but succumbed to selling pressure later and hit a low of 80,811.23. The index gyrated 958.79 points between the day's high and the low level. The NSE Nifty dipped 72.95 points or 0.29% to 24,781.10.
From the 30 Sensex firms, Kotak Mahindra Bank tanked over 4% after the company's quarterly earnings failed to cheer investors.
Bajaj Finserv, IndusInd Bank, Adani Ports, UltraTech Cement, Bajaj Finance, Tata Consultancy Services, Infosys, Bharti Airtel, Hindustan Unilever and JSW Steel were the other big laggards. HDFC Bank climbed nearly 3% after the firm on Saturday reported a 6% increase in September quarter net profit to Rs 17,825.91 crore on a consolidated basis.
On a standalone basis, the largest private sector lender's post-tax net grew to Rs 16,820.97 crore during the reporting period, as against Rs 15,976.11 crore in the year-ago period.
Asian Paints, Mahindra & Mahindra, Reliance Industries, Maruti and Tech Mahindra were also among the gainers.