Share Market Today: Sensex Drops 100 Points; Nifty Settles Around 24,500 Ahead Of Budget Day

Share Market Today: On the 30-share Sensex platform, Reliance declined over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit. Kotak Bank fell more than 3%

Share Market Today: In the broader market, the BSE Midcap gauge jumped 1.27 per cent and Smallcap index climbed 0.83 per cent.

Source : ABPLIVE AI

Share market today: The two key equity benchmarks, Sensex and Nifty, on Monday closed lower amid volatility due to selling pressure in index heavyweight Reliance Industries and Kotak Bank ahead of the Union Budget. Falling for the second day in a row, the 30-share BSE Sensex declined by 103 points to settle at 80,502. On the other hand, the NSE Nifty50 fell 22 points to 24,509.

Stock update

On the 30-share Sensex platform, Reliance Industries declined over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit. Kotak Mahindra Bank fell more than 3 per cent. ITC, State Bank of India, HCL Technologies and IndusInd Bank were the other big laggards. On the flip side, NTPC, UltraCemco, HDFC Bank, PowerGrid, M&M, Tata Steel were among the gainers.

"The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in FY25. Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings," said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE Midcap gauge jumped 1.27 per cent and Smallcap index climbed 0.83 per cent.

Global markets

In Asian markets, Seoul, Tokyo and Shanghai settled lower, while Hong Kong ended in the positive territory. European markets were trading higher in the mid-session deals. US markets ended lower in overnight trade on Friday.

Meanwhile, global oil benchmark Brent crude dipped 0.08 per cent to $82.53 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,506.12 crore on Friday, according to exchange data.

Rupee gains 3 paise

The rupee consolidated in a narrow range to settle 3 paise higher at 83.67 (provisional) against the American currency on Monday, as crude oil prices and the US dollar retreated from their elevated levels.

Forex traders said the Indian rupee recovered from all-time low levels and traded in a narrow range as mixed-to-weak domestic markets put downside pressure on the rupee. However, weak tone in the US dollar and a decline in crude oil prices cushioned the downside.

At the interbank foreign exchange market, the local unit opened at 83.66, and touched an intraday high of 83.65 and a low of 83.68 against the dollar during the trading session.

It finally settled at 83.67 (provisional) against the American currency, registering a gain of 3 paise from its previous close. On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar.