Markets tank in early trade dragged by Reliance, Kotak Mahindra Bank, weak global peers

Mumbai: Equity benchmark indices declined in early trade on Monday dragged by Reliance Industries and Kotak Mahindra Bank along with weak global market trends.

The 30-share BSE Sensex tanked 504 points to 80,100.65 in early trade. The NSE Nifty dropped 168.6 points to 24,362.30.

Among the Sensex pack, Kotak Mahindra Bank, Reliance Industries, Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank were the biggest laggards.

UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the gainers.

HDFC Bank climbed 1.57 per cent after the company's consolidated net profit grew 33.17 per cent to Rs 16,474.85 crore in the June 2024 quarter.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory.

The US markets ended lower on Friday. Global oil benchmark Brent crude climbed 0.67 per cent to USD 83.18 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,506.12 crore on Friday, according to exchange data.

The BSE benchmark hit its new all-time high of 81,587.76 in the initial trade on Friday but failed to carry forward the winning momentum and tanked 738.81 points or 0.91 per cent to settle below the 81,000-mark at 80,604.65.

The NSE Nifty tumbled 269.95 points or 1.09 per cent and ended at 24,530.90 after hitting its fresh record peak of 24,854.80 during the opening bell on Friday.