BUSINESS
Stock markets update: A day ahead of the Union Budget, equity benchmark indices declined in early trade on Monday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 343.32 points to 80,261.33. Meanwhile, the Nifty declined 130.60 points to 24,400.30 points. Among the Sensex pack, Kotak Mahindra Bank, Reliance Industries, Larsen & Toubro, ICICI Bank, IndusInd Bank and Axis Bank were the biggest laggards. UltraTech Cement, NTPC, HDFC Bank and Power Grid were among the gainers. HDFC Bank climbed 1.57 per cent after the company's consolidated net profit grew 33.17 per cent to Rs 16,474.85 crore in the June 2024 quarter. In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory. The US markets ended lower on Friday. Global oil benchmark Brent crude climbed 0.67 per cent to USD 83.18 a barrel. Meanwhile, the rupee recovered from its all-time low level and appreciated by 5 paise to 83.65 against the US dollar in early trade on Monday, as the American currency retreated from its elevated level. Forex traders said foreign fund inflows and possible intervention by the Reserve Bank of India (RBI) supported the rupee at lower levels and restricted the downfall. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an early high of 83.65, registering a gain of 5 paise from its previous close. (With inputs from PTI) ALSO READ: Budget 2024: Nirmala Sitharaman to table Economic Survey in Parliament today None
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