Markets give up initial gains dragged by sharp fall in Kotak Bank, unabated foreign fund outflows

Mumbai : Stock market indices started trading positively on Monday due to purchasing of HDFC Bank shares, but later lost all gains because of a significant drop in Kotak Mahindra Bank and continuous outflow of foreign funds. In early trading, the BSE Sensex surged by 545.27 points to reach 81,770.02. NSE Nifty rose by 124.25 points and reached 24,978.30. Nevertheless, the benchmark indices eventually fell victim to profit-taking and were trading at a lower level. The BSE index dropped by 136.52 points to 81,060.86 while the Nifty fell by 100.70 points to 24,753.35.

Mixed Market Performance By HDFC Bank Gains Amidst Kotak Mahindra's Decline

Titan, HDFC Bank, Asian Paints, Axis Bank, Tata Steel, and HCL Technologies were among the top performers in terms of gains, from the 30 Sensex companies. HDFC Bank saw a growth of almost 3 percent in early trading following the company's announcement of a 6 percent rise in consolidated net profit for the September quarter to Rs 17,825.91 crore on Saturday. During the period under review, the net profit after taxes of the biggest private sector bank increased to Rs 16,820.97 crore compared to Rs 15,976.11 crore in the previous year.

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Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Mahindra & Mahindra, and NTPC were among the underperformers. Kotak Mahindra Bank dropped more than 5 per cent following disappointing quarterly earnings that did not impress investors. Seoul, Tokyo, and Shanghai traded positively in Asian markets, while Hong Kong traded lower. Friday saw a rise in the US markets. 

According to data from exchanges, Foreign Institutional Investors (FIIs) sold off equities valued at Rs 5,485.70 crore on Friday. Nonetheless, Domestic Institutional Investors (DIIs) purchased stocks amounting to Rs 5,214.83 crore. The internationally recognized standard for oil prices, Brent crude, increased by 0.44 percent to reach $73.38 per barrel. After starting off weak, the BSE index rebounded and gained 218.14 points, closing at 81,224.75 on Friday, marking a 0.27 pc increase. The Nifty closed at 104.20

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