Budget Jitters? RIL, banks drag Sensex over 100 pts lower, Nifty below 24,550
Reliance Industries and banking stocks.
The 30-share BSE Sensex fell 103 points, or 0.13%, to settle at 80,502. The broader NSE Nifty dropped 22 points, or 0.09%, to end at 24,509.
From the Sensex pack, Reliance Industries and Kotak Mahindra Bank were top laggards, falling about 3.5%. ITC, SBI, HCL Tech, IndusInd Bank, Bajaj Finance and Bajaj Finserv also closed lower, while NTPC, UltraTech Cement, HDFC Bank, and Tata Steel closed higher.
Reliance Industries shares closed lower after the oil-to-telecom conglomerate reported first-quarter profit below analysts' estimates on Friday, hurt by lower margins on fuel sales.
Meanwhile, HDFC Bank closed over 2% higher after the country's top private lender beat quarterly profit forecasts on Saturday, as loan-loss provisions fell.
More to come…
Income Tax Expectations from Union Budget 2024
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