Markets tank in early trade dragged by Reliance, Kotak Mahindra Bank, weak global peers

Mumbai, July 22

Equity benchmark indices declined in early trade on Monday dragged by Reliance Industries and Kotak Mahindra Bank along with weak global market trends.

The 30-share BSE Sensex tanked 504 points to 80,100.65 in early trade. The NSE Nifty dropped 168.6 points to 24,362.30.

Among the Sensex pack, Kotak Mahindra Bank, Reliance Industries, Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank were the biggest laggards.

UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the gainers.

HDFC Bank climbed 1.57 per cent after the company’s consolidated net profit grew 33.17 per cent to Rs 16,474.85 crore in the June 2024 quarter.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory.