Indian markets close lower on Monday amid weak global cues and sectoral pressure
Kotak Mahindra Bank was among the top laggards, plunging close to 7% after reporting a decline in its consolidated net profit for the June quarter. The bank also flagged rising stress in its retail commercial vehicle (CV) loan segment, which weighed on investor sentiment.
IT majors also saw sustained selling, with Tata Consultancy Services (TCS) and Infosys under pressure. TCS further dented confidence after it announced a 2% reduction in its workforce — a rare move among large-cap IT firms.
Broader market sentiment remained cautious, influenced by weak cues from Asian markets and a rise in Brent crude prices. Volatility spiked sharply, with the India VIX rising nearly 7%, signaling growing unease among traders.
On the BSE, out of 4,299 stocks traded, 2,870 declined while 1,265 advanced and 164 remained unchanged. Market breadth remained weak, with 125 stocks hitting 52-week highs and 89 touching 52-week lows. Additionally, 244 stocks hit the upper circuit, while 321 were locked in the lower circuit.
Analysts expect the near-term trend to remain volatile as earnings season continues and global macroeconomic signals remain mixed.
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Mint
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