Indian stock markets declined for the third consecutive day on Monday as the Sensex fell 572 points and Nifty dropped 156 points. The slide was triggered by heavy selling in Kotak Mahindra Bank following weak Q1 results and uncertainty over the India-US trade deal. FIIs also remained net sellers in the market.
Representational Image. File Pic
Stock markets declined for the third day on Monday, with benchmark indices Sensex and Nifty tumbling nearly 1 per cent following heavy selling in Kotak Mahindra Bank and uncertainty related to the India-US trade deal.
The 30-share BSE Sensex tanked 572.07 points or 0.70 per cent to settle at 80,891.02. During the day, it slumped 686.65 points or 0.84 per cent to 80,776.44.
The 50-share NSE Nifty declined 156.10 points or 0.63 per cent to 24,680.90.
From the Sensex firms, Kotak Mahindra Bank tumbled 7.31 per cent after the company reported a consolidated net profit of Rs 4,472 crore for the June quarter, and flagged stress on the retail commercial vehicle portfolio due to adverse macroeconomic conditions.
The profit in the year-ago period was Rs 7,448 crore, but it had included gains of over Rs 3,000 crore on its stake sale in the general insurance arm, while the net profit for the March quarter stood at Rs 4,933 crore.
Bajaj Finance, Bharti Airtel, Titan, Tata Consultancy Services, HCL Tech and State Bank of India were also among the laggards. However, Hindustan Unilever, Asian Paints, ICICI Bank, Power Grid, HDFC Bank and ITC were the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,979.96 crore on Friday, according to exchange data. In Asian markets, Japan's Nikkei 225 index settled lower while South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng ended in positive territory.
Markets in Europe were trading in the green. The US markets ended higher on Friday. Global oil benchmark Brent crude climbed 0.91 per cent to USD 69.05 a barrel.
On Friday, the Sensex tanked 721.08 points or 0.88 per cent to settle at over a month's low of 81,463.09. The Nifty dropped 225.10 points or 0.90 per cent to a month's low of 24,837.
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