Stock markets lost their initial gains on Friday and were seen trading with a decline amid a sharp fall in IndusInd Bank shares and continued withdrawal of foreign capital.
The BSE Sensex rose 130.56 points to 80,195.72 points in early trade. At the same time, the NSE Nifty rose 36.9 points to 24,436.30 points.
However, selling pressure soon pulled both the indices down. The BSE benchmark fell 197.47 points to 79,875.03 and the Nifty fell 89.20 points to 24,310.20.
Indusind Bank shares tumble up to 15% on profit
Among the 30 Sensex companies, Indusind Bank fell 15 per cent after the company reported a 40 per cent drop in net profit to Rs 1,331 crore in the September quarter. The decline was mainly due to concerns over asset quality. The rupee remained steady at 84.07 against the dollar in early trade on Friday amid strength in the US currency and continued foreign capital outflows.
NTPC, Mahindra & Mahindra, Larsen & Toubro, Tata Steel and JSW Steel were also among the laggards. Among blue-chip companies, ITC jumped over 3 per cent. The company reported its consolidated net profit rose 1.8 per cent to Rs 5,054.43 crore in the second quarter ended September 2024. ITC’s revenue from operations rose 15.62 per cent to Rs 22,281.89 crore during the July-September period.
Axis Bank and Kotak Mahindra Bank shares rise
Axis Bank, Asian Paints, HCL Technologies, ICICI Bank and Kotak Mahindra Bank were other big gainers. In Asian markets, Seoul, Shanghai and Hong Kong rose, while Tokyo declined. US markets closed mostly higher on Thursday.
According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 5,062.45 crore on Thursday, while domestic institutional investors (DIIs) bought shares worth Rs 3,620.47 crore.
