Indian equity markets commenced the week on a weaker note on Monday, contrary to the optimistic signals emanating from international markets.
As markets opened, the benchmark S&P BSE Sensex declined by 290 points, representing a 0.4 percent drop, settling at 80,936. Concurrently, the broader NSE Nifty index fell by 140 points, translating to a 0.6 percent decrease, bringing it to 24,713.
Notably, HDFC Bank saw a notable rise of 2.6 percent, following a modest 5 percent increase in its second-quarter net profit, surpassing market expectations.
Tech Mahindra experienced a robust 2.5 percent surge, reportedly due to a remarkable 153 percent year-on-year increase in quarterly profits.
Conversely, Kotak Mahindra Bank faced a setback, as it dropped 4.5 percent, after its second-quarter profit results slightly underperformed when compared to forecasts.
UltraTech Cement saw a decrease of 1 percent, a movement that comes just ahead of its upcoming earnings announcement.
Meanwhile, Manappuram Finance experienced a significant 4.2 percent decline after the Reserve Bank of India directed its subsidiary, Asirvad Micro Finance, to halt its loan sanctioning and disbursement operations.
Finally, Reliance Infrastructure experienced a minor decrease following shareholder approval for an ambitious Rs. 6,000-crore fundraising initiative.
