Equity market benchmarks Sensex and Nifty closed lower on Monday, following heavy selling pressure in Reliance Industries and Kotak Mahindra Bank ahead of the Budget. Besides, weak trends in global equity markets also weighed on investor sentiment, traders said. The 30-share BSE Sensex dropped 102.57 points, or 0.13 percent, to 80,502.08, after falling for a second straight day. During the session, it tumbled 504 points, or 0.62 percent, to 80,100.65.

The NSE Nifty declined 21.65 points or 0.09 percent to 24,509.25. It had fallen 168.6 points, or 0.68 percent, to 24,362.30 in the day's trade. Among the Sensex pack, Reliance Industries tanked 5 percent after the company's June quarter net profit declined over 3 percent.

Also read: Economic Survey 2024: Key Factors Driving Up Tomato, Onion And Milk Prices Across India

Kotak Mahindra Bank's June quarter earnings also fell more than 3 percent as the lender failed to impress investors. ITC, State Bank of India, HCL Technologies, and IndusInd Bank were the other major laggards. NTPC, Ultratech Cement, HDFC Bank, and Mahindra & Mahindra were among the gainers.

HDFC Bank's stock gained more than 2 percent after the company's consolidated net profit rose by 33.17 percent to Rs 16,474.85 crore in the June 2024 quarter.

Seoul, Tokyo, and Shanghai closed lower in Asian markets, while Hong Kong ended in positive territory. Markets in Europe were trading marginally down in mid-session deals. The US market was lower in overnight trade on Friday.

According to the Economic Survey 2023-24 tabled in Parliament on Monday, capital markets have emerged as the key player in India's growth story, with capital formation supported by technology, innovation, and digitization having gained traction in the investment landscape.

Furthermore, Indian markets have been resilient to global geopolitical and economic shocks, it added. The Economic Survey stated that Indian capital markets have performed better than most emerging markets in FY24 despite headwinds from high geopolitical risks, rising interest rates, and volatile commodity prices.

Meanwhile, the global benchmark Brent crude fell 0.08 percent to $82.53 per barrel. Foreign institutional investors bought equities worth Rs 1,506.12 crore on Friday, as per exchange data.

Also read: Economic Survey 2024: Positive Outlook For Real Estate To Unprecedented Growth In Aviation Industry; Projections For Various Sectors

The BSE benchmark scaled a new all-time high of 81,587.76 points in early trade on Friday but failed to sustain the winning momentum and settled 738.81 points, or 0.91 percent, lower at 80,604.65, still above the 80,000 mark. The Nifty fell 269.95 points, or 1.09 percent, to end at 24,530.90 after hitting a fresh high of 24,854.80 in opening trade on Friday.

(With PTI's Input)