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Investors stay on sidelines ahead of Budget
Stock markets closed lower on Monday with benchmark Sensex dropping 102 points due to selling in index heavyweight Reliance Industries (RIL) and Kotak Bank on muted earnings and caution ahead of the Union Budget.
Mumbai: Stock markets closed lower on Monday with benchmark Sensex dropping 102 points due to selling in index heavyweight Reliance Industries (RIL) and Kotak Bank on muted earnings and caution ahead of the Union Budget. Falling for the second day in a row, the 30-share BSE Sensex dropped by 102.57 points or 0.13 per cent to settle at 80,502.08.
The barometer fell by 504 points or 0.62 per cent to hit an intra-day low of 80,100.65 but recovered most of the losses as Infosys and HDFC Bank advanced. The broader Nifty of the NSE dipped 21.65 points or 0.09 per cent to 24,509.25. During the day, it dropped 168.6 points or 0.68 per cent to 24,362.30. The market capitalization (mcap) of BSE-listed companies was at Rs4,48,32,227.50 crore (Rs448.32 lakh cr or $5.36 trn).
“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 (research), Geojit Financial Services.
