MUMBAI: Indian equity markets opened on a strong note on Monday, supported by a solid performance from blue-chip HDFC Bank. However, early gains were wiped out as a sharp decline in Kotak Mahindra Bank and continued foreign fund outflows triggered a sell-off.
The BSE Sensex initially surged 545.27 points, touching 81,770.02, while the NSE Nifty rose 124.25 points to 24,978.30. However, the indices soon reversed course, with the Sensex falling 136.52 points to 81,060.86, and the Nifty slipping 100.70 points to 24,753.35.
Top performers
Among the top performers from the 30-share Sensex pack were Titan, HDFC Bank, Asian Paints, Axis Bank, Tata Steel, and HCL Technologies. HDFC Bank jumped nearly 3 per cent in early trade after reporting a 6 per cent increase in net profit for the September quarter, reaching Rs17,825.91 crore on a consolidated basis.
Conversely, Kotak Mahindra Bank plunged over 5 per cent after its quarterly earnings disappointed investors, dragging the broader market down. Other laggards included Bharti Airtel, IndusInd Bank, Mahindra & Mahindra, and NTPC.
Other markets
In global markets, Seoul, Tokyo, and Shanghai posted gains, while Hong Kong traded lower. US markets closed higher on Friday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs5,485.70 crore on Friday, while Domestic Institutional Investors (DIIs) purchased shares worth Rs5,214.83 crore, according to exchange data.
In commodities, gold prices jumped by Rs750, while silver skyrocketed by Rs5,000 per kilogram to an all-time high. Meanwhile, Brent crude edged up 0.44 per cent to $73.38 per barrel.
On Friday, the Sensex had gained 218.14 points to close at 81,224.75, while the Nifty advanced 104.20 points to settle at 24,854.05.
