Sensex, Nifty Slide For 3rd Straight Day, Kotak Bank & Trade Deal Worries Weigh On Markets
Indian stock markets fell for the third day, dragged down by Kotak Bank’s poor Q1 results and uncertainty over the India-US trade deal. FIIs also turned net sellers, adding pressure on benchmark indices.
Indian stock markets fell for the third day. |
Key Highlights:
- Sensex dropped 572 points, Nifty fell 156 points, marking a 3-day losing streak.
- Kotak Bank shares fell over 7% due to lower Q1 profit and concerns over its retail loan book.
- FIIs sold equities worth Rs 1,980 crore, adding to the market pressure.
Mumbai: Markets remained under pressure for the third straight session on Monday, with benchmark indices Sensex and Nifty slipping close to 1 percent amid weak investor sentiment.
The BSE Sensex fell 572.07 points or 0.70 percent to close at 80,891.02. It touched an intraday low of 80,776.44, down 686 points.
Meanwhile, the NSE Nifty dropped 156.10 points or 0.63 percent to finish at 24,680.90, as selling pressure intensified across key sectors.
Kotak Bank Drags Index Down
The biggest drag on the index was Kotak Mahindra Bank, which crashed 7.31 percent after it reported a Q1 consolidated net profit of Rs 4,472 crore, sharply lower than the previous quarter.
Though this was higher than the same period last year excluding one-off gains, the bank flagged concerns over stress in the retail commercial vehicle loan portfolio, driven by tough macroeconomic conditions.
In comparison, the bank had posted Rs 7,448 crore in Q1 last year, which included one-time gains from a stake sale.
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Broader Market Weakness
Other major laggards included Bajaj Finance, Bharti Airtel, Titan, TCS, HCL Tech, and SBI.
However, stocks like Hindustan Unilever, Asian Paints, ICICI Bank, Power Grid, HDFC Bank, and ITC managed to end in the green, offering slight support to the market.
Global Market Trends
On the global front, Asian markets were mixed, with Japan's Nikkei 225 closing lower while indices in Hong Kong, China, and South Korea ended positively.
European markets traded in the green, and US markets had closed higher on Friday.
Meanwhile, Brent crude oil prices rose by 0.91 percent to USD 69.05 per barrel, adding another layer of macroeconomic concern.
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FIIs Turn Net Sellers
Foreign Institutional Investors (FIIs) sold equities worth Rs 1,979.96 crore on Friday, according to exchange data, continuing their recent trend of cautious selling amid global uncertainties.
The market is expected to remain volatile in the near term, with global trade concerns and earnings reports likely to influence investor sentiment.
(With PTI Inputs)
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