Benchmark indices fell 306 points on the BSE Sensex on July 25, mainly dragged down by Reliance Industries.
Foreign fund outflows also added to the overall bearish trend in equities on Monday.
The 30-share BSE benchmark ended 306.01 points or 0.55% lower at 55,766.22. It closed 535.15 points or 0.95% down at 55,537.08 during the day.
The broader NSE Nifty fell 88.45 points or 0.53% to 16,631.
“Bulls finally lost steam after leading the way for the past six consecutive sessions as investors booked gains in automobile, oil & gas and telecom stocks, even as losses were limited in metals and select capital goods stocks. Traded with caution ahead of Federal Reserve Meet on Wednesday,” said Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Among Sensex constituents, Mahindra & Mahindra was the biggest loser at 3.80%, followed by Reliance Industries with a fall of 3.31%, as the company’s June quarter earnings failed to please investors.
Other laggards from the pack were Maruti Suzuki India, Kotak Mahindra Bank, UltraTech Cement, Tech Mahindra and Nestle.
Tata Steel, IndusInd Bank, Asian Paints, HCL Technologies, Wipro and NTPC were among the gainers.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “While RIL’s results in the refining sector were impressive, the refining sector was slightly below expectations.”
In Asia, markets in Tokyo, Shanghai and Hong Kong closed lower, while Seoul closed in the green.
European markets were trading in the green during mid-session deals. US markets closed at lower levels on Friday.
Meanwhile, international oil benchmark Brent crude jumped 1.24% to $104.52 a barrel.
Foreign institutional investors offloaded shares worth ₹675.45 crore on Friday, according to exchange data.