Indian headline indices ended today’s trading session in negative territory. The Sensex ended the day at 80,891.02, down 0.70%, while the Nifty 50 settled at 24,680.90, lower by 0.63%.
Furthermore, the Nifty Bank also declined, closing at 56,084.090, down 0.79%.
Let’s take a look at the key highlights of today’s trading session-
Financial stocks under pressure
Banking stocks were among the major drags on the market, with Kotak Mahindra Bank leading the decline after reporting a sharp drop in quarterly profits. The Nifty Bank index saw losses in eight out of its twelve constituents.
Kotak Mahindra Bank falls nearly 7%
Shares of Kotak Mahindra Bank slipped close to 7% after the lender posted a consolidated net profit of Rs 4,472 crore for the June quarter, down significantly from Rs 7,448 crore in the same period last year. The year-ago figure had included a one-time gain of over Rs 3,000 crore from a stake sale in its general insurance arm.
Top gainers and losers
Among the top gainers in the Sensex pack were Hindustan Unilever, Asian Paints, ICICI Bank, and Sun Pharma, which saw buying interest despite the broader market weakness.
On the losing side, major laggards included Kotak Bank, Bajaj Finance, Bharti Airtel, Titan, TCS, and Bharat Electronics.
FIIs extend selling streak
Foreign Institutional Investors (FIIs) remained net sellers in the equity market, offloading shares worth Rs 1,979.96 crore on Friday, adding to the downward pressure on domestic markets.
Top sectors in Monday’s trade
In sectoral performance, non-alcoholic beverages stocks led the gains with a nearly 2% rise in market capitalisation. This was followed by the cables, paints & pigments, personal care, and power sectors, which saw modest gains of around 1%.