Equity benchmark indices bounce back after plunging in early trade on Monday, after it they were weighed down by Reliance Industries and Kotak Mahindra Bank as well as weak global cues.
The 30-share BSE Sensex plummeted 504 points to 80,100.65 in early trade and bounced back to 80,800.92 by 10.50 am. The NSE Nifty, which has initially slumped 168.6 points to 24,362.30, recovered losses and touched 24,595.20 by 10.50 am.
Besides Kotak Mahindra Bank and Reliance Industries, Sensex companies that lost significantly included Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank.
Heavyweights like UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the top gainers. HDFC Bank, which plunged by Rs 13,124.01 crore to reach a valuation of Rs 12,22,701.34 crore last week, zoomed 1.57 per cent on Monday morning after the company's consolidated net profit grew 33.17 per cent to Rs 16,474.85 crore in the June 2024 quarter.
Another major factor impacting Indian indices were the US markets that ended lower on Friday and Asian markets like Seoul, Tokyo and Shanghai were trading lower on Monday.
Budget expectations are likely to influence the market further for the remainder of the day. Among market heavyweights, Bajaj Finance, Hindustan Unilever, Axis Bank, Bajaj Finserv, Larsen & Toubro, DLF, Tech Mahindra and Nestle will release their quarterly earnings this week. This will also leave a mark on the market performance before weekend.
