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Indian Stocks Slide on Trade Tensions, Weak Kotak Mahindra Earnings
28 Jul
Summary
- Indian markets open lower due to concerns over US trade talks
- Kotak Mahindra Bank shares drop 5.5% after reporting profit decline
- Nifty Realty and Nifty Private Bank indices also decline
Indian equity markets opened lower on Monday, weighed down by uncertainty surrounding trade talks with the U.S. and weaker-than-expected earnings from Kotak Mahindra Bank. The benchmark Sensex index fell 219 points, or 0.27%, to 81,243, while the Nifty50 slipped 95 points, or 0.38%, to 24,736.
Among the top laggards on the Sensex were Kotak Mahindra Bank, Infosys, TCS, Bharti Airtel, HCL Tech, and Bajaj Finance, all of which declined up to 5.5%. Kotak Mahindra Bank was the biggest loser, dropping 5.5% after the private lender reported a decline in first-quarter profit due to higher provisions for potential bad loans and a contraction in lending margins.
On the sectoral front, the Nifty Realty index dropped 2.3%, weighed down by losses in Lodha, Prestige, and Oberoi Realty. The Nifty Private Bank index also declined 1.1%, led by the sharp fall in Kotak Mahindra Bank. In the broader market, the Nifty Midcap 100 edged up 0.2%, while the Nifty Smallcap 100 slipped 0.1%.
