India's equity benchmarks open lower on Kotak earnings, trade deal worries
The Nifty 50 (.NSEI), opens new tab fell 0.22% to 24,782.45 points and the BSE Sensex (.BSESN), opens new tab lost 0.2% to 81,299.97 as of 9:15 a.m. IST.
Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline.
Nine of the 13 major sectors logged losses at the open. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab lost 0.3% and 0.2%, respectively.
High weight financials (.NIFTYFIN), opens new tab and private banks (.NIFPVTBNK), opens new tab lost 0.5% and 1%, respectively, dragged by a 4.7% fall in Kotak Mahindra Bank (KTKM.NS), opens new tab after it posted a drop in quarterly profit.
The Nifty 50 and 30-stock Sensex (.BSESN), opens new tab have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over the U.S.-India trade deal.
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