Stock Market Today: Sensex, Nifty End Mixed As ITC, Asian Paints Drag; HDFC Bank, Tata Steel Lead

Overseas investors in Indian equities turned net buyers on Tuesday.

Foreign portfolio investors mopped up stocks worth Rs 1,088.76 crore, according to data from the National Stock Exchange.

Domestic institutional investors turned net sellers and offloaded stocks worth Rs 333.7 crore, the NSE data showed.

Foreign institutions have net bought Rs 42,629 crore worth of equities so far in July. They have been net buyers of Rs 1,19,036 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond rose 3 basis points to close at 7.1% on Tuesday. It closed at 7.07% on Monday.

Source: Bloomberg

• The local currency weakened 4 paise to close at Rs 81.87 against the U.S dollar on Tuesday.

• Rupee closed at 81.83 on Monday.

Source: Bloomberg

India's benchmark stock indices were little changed after swinging between gains and losses through Tuesday. The indices ended mixed after two days of fall. Metal and energy sectors advanced, while fast moving consumer goods and PSU banks were under pressure.

European stocks were muted on Tuesday as traders geared up for earnings from some of the world’s biggest corporations and key central bank rate decisions this week. The Stoxx Europe 600 index was little changed at the open.

U.S. equity futures edged higher after a mixed session on Wall Street, where the S&P 500 posted a modest gain while the Nasdaq 100 declined after a “special rebalance.”

Technology shares in Hong Kong jumped 5% while a China property stock gauge gained as the nation’s top leaders used a crucial Politburo meeting to flag more aid. Other Asian markets were narrowly mixed, with the benchmark index in Australia marginally higher and Japanese equities swinging between gains and losses.

The S&P BSE Sensex Index closed down 29 points or 0.04% at 66,355.71 while the NSE Nifty 50 Index was 8 points or 0.04% higher at 19,680.60.

HDFC Bank Ltd., Tata Steel Ltd., Hindalco Industries k Ltd., JSW Steel Ltd., and NTPC Ltd. were the positively adding to the change in the Nifty 50 Index.

Whereas, ITC Ltd., Asian Paints Ltd. L&T Ltd., Kotak Mahindra Bank Ltd., and State Bank of India were negatively contributing to the change.

All Adani Group company stocks advanced with Adani Green Energy Ltd. rising over 10%, followed By Adani Power Ltd., Adani Transmission Ltd. and Adani Total Gas Ltd. which were trading above 5%.

The broader market indices outperformed lasrger peers; the S&P BSE MidCap Index was up 0.39%, whereas S&P BSE SmallCap Index was 0.31% higher.

Twelve out of the 19 sectors compiled by BSE advanced while seven sectors declined. S&P BSE Metal and S&P BSE Utilities rose the most.

The market breadth was split between the buyers and the sellers. About 1,745 stocks rose, 1,794 declined, while 141 remained unchanged on the BSE.

All Adani Group company stocks advanced with Adani Green Energy Ltd. rising over 10%, followed By Adani Power Ltd., Adani Transmission Ltd. and Adani Total Gas Ltd. which were trading above 5%.

• Revenues up 6.3% at Rs 1,334.5 crore vs Rs 1,255 crore (Bloomberg estimate: Rs 1,367.78 crore)

• Net profit down 74.3% at Rs 28.9 crore vs Rs 112.6 crore (Bloomberg estimate: Rs 80.47 crore)

• Ebitda down 9.3% at Rs 275.8 crore vs Rs 304.1 crore(Bloomberg estimate: 281.4 crore)

• Margins at 20.67% vs 24.23% (Bloomberg estimate: 20.57%)

Source: Exchange Filing

• Mahindra Holidays names Ram Mundra as interim Chief Financial Officer.

Source: Exchange Filing

• Revenues up 36.5% at Rs 198.69 cr vs Rs 145.51 cr

• Net profit up 30.6% at Rs 31.58 cr vs Rs 24.17 cr

• EBITDA up 33.6% at Rs 43.54 cr vs Rs 32.59 cr

• Margins at 21.9% vs 22.4%

Source: Exchange filing

• Revenues up 29% at Rs 10,310 cr vs Rs 8,005 cr (Bloomberg Estimate Rs 10,387 cr)

• Ebitda up 51% at Rs 1,954 cr vs Rs 1,297 cr (Bloomberg Estimate Rs 1,983 cr)

• Ebitda margins at 19% vs 16.2% (Bloomberg estimate 19.1%)

• PAT up 42% at Rs 1,665 cr vs Rs 1,173 cr (Bloomberg Estimate Rs 1,656 cr)

Source: Exchange filing

• Revenue up 7% at Rs 9,182.31 crore Vs Rs 8,606.94 crore (BBG Estimate: Rs 9,388.46 crore)

• Net profit up 52% at Rs 1,550.37 crore Vs Rs 1,016.93 crore (BBG Estimate: Rs 1,350.77 crore)

• EBITDA up 36% at Rs 2,121.29 crore Vs Rs 1,555.95 crore (BBG Estimate: Rs 1,986. 83 crore )

• Margins at 23.1% Vs 18.1% (BBG Estimate: 21.16%)

Source: Exchange filing

• Eugia Pharma gets U.S. FDA approval for Plerixafor injection generic

• U.S. FDA approval for manufacturing and marketing of Plerixafor injection

• Note: Eugia Pharma wholly-owned subsidiary of Aurobindo Pharma

Source: Exchange filing

• See temporary disruption in ethanol production

• Await a policy from FCI regarding resumption of supplies

• Producing ethanol in Bathinda from FCI bought prior to suspension

• Continue to produce ENA from broken rice and maize in Punjab, West Bengal

Source: Exchange filing

• Revenues up 4.5% at Rs 426.5 cr vs Rs 408.2 cr

• Net profit down 37.3% at Rs 24.18 cr vs Rs 38.57 cr

• Ebitda down 14.4% at Rs 61.17 cr vs Rs 71.43 cr

• Margins at 14.3% vs 17.5%

Source: Exchange Filing

• Revenues up 7.9% at Rs 1097.6 cr vs Rs 1017.3 cr (Bloomberg est Rs 1068.13 cr)

• Net profit up 20.5% at Rs 134.4 cr vs Rs 111.5 cr (Bloomberg est Rs 120.35 cr)

• EBIT up 20.6% at Rs 168.9 cr vs Rs 140 cr

• EBIT margins at 15.4% vs 13.7%

• See FY24 CC Revenue growth in range of 27-30%

• See FY24 Ebitda margin in range of 19-20%

Source: Exchange Filing

India's benchmark stock indices swung between gains and losses and were little changed through midday on Tuesday. Metal and auto sectors advanced, while fast moving consumer goods and PSU banks were under pressure.

Chinese shares rallied on optimism that more economic support will come from Beijing, while traders also geared up for a number of key central bank rate decisions later this week.

Technology shares in Hong Kong jumped 5% while a China property stock gauge on course to post the biggest gain since December as the nation’s top leaders used a crucial Politburo meeting to flag more aid.

Other Asian markets were narrowly mixed, with the benchmark index in Australia marginally higher and Japanese equities swinging between gains and losses. Futures for European stocks slipped and contracts for the S&P 500 and the Nasdaq 100 were little changed.

On Monday, the Dow Jones Industrial Average rose for an 11th straight day — its longest winning run since 2017. The S&P 500 traded near 4,550, while the Nasdaq 100 underperformed after a “special rebalance” that took effect Monday.

As of 11:58 a.m., the S&P BSE Sensex Index was down 23 points or 0.04% at 66,360.07 while the NSE Nifty 50 Index was 2 points or 0.01% higher at 19,673.80.

HDFC Bank Ltd., Reliance Industries Ltd., Tata Steel Ltd., UltraTech Cement Ltd., and NTPC Ltd. were the positively adding to the change in the Nifty 50 Index.

Whereas, ITC Ltd., L&T Ltd., State Bank of India, Axis Bank Ltd., and Asian Paints Ltd. were negatively contributing to the change.

The broader market indices were trading higher; the S&P BSE MidCap Index was up 0.08%, whereas S&P BSE SmallCap Index was 0.36% higher.

Thirteen out of the 19 sectors compiled by BSE advanced while six sectors declined. S&P BSE Metal and S&P BSE Utilities rose the most.

The market breadth was skewed in the favour of buyers. About 1,770 stocks rose, 1,604 declined, while 146 remained unchanged on the BSE.

• SpiceJet taken off DGCA’s enhanced surveillance regime.

• SpiceJet did suitable fleet maintenance to address DGCA finding.

Source: Bloomberg

• SEBI clears IPO plans of TVS Supply Chain, Pyramid Technoplast.

Source: Bloomberg

• Revenue up 18.6% at Rs 687.1 cr vs Rs 579.2 cr (Bloomberg est Rs 647.7 crore)

• Net profit up 101.7% at Rs 96.25 cr vs Rs 47.73 cr (Bloomberg est Rs 70.5 crore)

• EBITDA up 96.14% at Rs 117.37 cr vs Rs 59.84 cr (Bloomberg est Rs 93.7 crore)

• Margins at 17.08% vs 10.02% (Bloomberg est 14.5%)

Source: Exchange Filing

Shares of Jyothy Labs Ltd. rose as much as 10.31% intraday to hit a record high at Rs 267.45 apiece.

• Wins order worth Rs 80 crore from South Eastern Railway.

• South Eastern Railway order for civil, electrical and mechanical works.

Source: Exchange Filing

Shares of Shoppers Stop Ltd. declined by 5% in trade on Tuesday after its April-June quarter profit declined 37% to Rs 14.49 crore as compared to Rs 22.83 crore in the same period of the previous fiscal.

Company reported its highest-ever Q1 revenue of Rs 1,241 crore, as per its investor presentation. However, the said revenue has been calculated on a non-GAAP basis, where GAAP implies generally accepted accounting principles.

Shoppers Stop Q1 FY24 (Consolidated, YoY)

• Revenues up 5% at Rs 993.61 crore.

• Net profit down 37% to Rs 14.49 crore.

• Ebitda up 6% at Rs 171.86 crore.

• Ebitda margin at 17.3% vs. 17.1%

Shares of Shoppers Stop Ltd. fell 0.59% to Rs 758.95 apiece as of 10:40 a.m., as compared to a 0.03% advance in the NSE Nifty 50. The scrip declined as much as 5% intraday the highest single day fall since Dec. 23, 2022.

The scrip has risen nearly 6.72% year-to-date. Total traded volume stood at 5.2 times its 30-day average. The relative strength index was at 36.9.

Out of the 11 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential upside of 9.9%.

Source: Bloomberg, Exchange filing

Shares of Indian Railway Catering and Tourism Corp Ltd. pared early gains and swung to losses as it announced on Twitter about the unavailability of ticketing service due to technical reasons.

Shares of DCM Shriram Ltd. fell the most in over eight months on Tuesday after it reported a decline in net profits in the first quarter of fiscal 2024.

Net profit fell 78% to Rs 56.58 crore, against Rs 253.96 crore in the same quarter in the previous year. Operating revenue fell 1% to Rs 2,937.17 crore, against Rs 2,971.83 crore for the same period.

DCM Shriram Q1 FY24 (Consolidated, Year-on-Year)

• Operating revenue fell 1% to Rs 2,937.17 crore versus Rs 2,971.83 crore.

• Ebitda down 62% at Rs 166.02 crore versus Rs 436 crore.

• Ebitda margin at 5.7% versus 14.7%.

• Net profit down 78% at Rs 56.58 crore versus Rs 253.96 crore.

Shares of DCM Shriram plunged as much as 7.08%, the most since November 14, 2022, before trading 4.72% lower at 10:03 a.m. This compares with a a flat NSE Nifty 50.

The average traded volume so far in the day stood at 5.8 times its monthly average, while the relative strength index was at 38.

• Wins significant orders for power transmission & distribution business.

• To implement SCADA/DMS and related IT infra for urban power distribution systems in Gujarat.

• Secured another order to build 400kV double circuit transmission line in Jharkhand.

• Got construction order of ±525kV HVDC transmission segment in Middle East.

• Got order in a consortium to establish 275kV Substation in Malaysia.

• Note: L&T classifies orders worth Rs 1000-2500 crore as 'significant'.

Source: Exchange Filing

Shares of JK Paper Ltd. advanced after the company reported a 18% rise in the net profit and beating the analyst estimation.

The paper company registered a net profit of Rs 312.56 crore in the quarter ended June, according to an exchange filing. That compares with Bloomberg estimate of Rs 234 crore.

JK Paper Q1FY2024 (Consolidated, YoY)

• Total revenue from operations is up 11% at Rs 1,584.36 crore.

• Net profit up 18% at Rs 312.56 crore.

• Ebitda up 13% at Rs 477.19 crore.

• Ebitda margins at 30.1% vs. 29.6%

Shares of the company rose 5.87% to Rs 331.70 apiece as of 9:43 a.m., as compared to 0.12% gain in the NSE Nifty 50. The scrip gained as much as 7.25% intraday, the most since March 17.

The relative strength index was at 59.90. Total traded volume stood at 23.2 times its 30-day average.

Out of the four analysts tracking the company, three maintains a 'buy' rating and one recommends a 'hold' as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 28%.

Shares of SJVN Ltd. hit record high for the second day after it bagged five hydropower projects totaling 5,097 MW in Arunachal Pradesh's Dibang Basin. The investment in these projects will be worth Rs 50,000 crore, as per company's exchange filing.

Construction of these projects will reduce carbon emissions by around 1.1 million tonnes per year, as per the company. The projects allocated are 3,097 MW in Etalin, 680 MW in Attunli, 500 MW in Emini, 420 MW in Amulin and 400 MW in Mihumdon.

Last week on Friday, the company, through its subsidiary SJVN Green Energy Ltd., received the letter of intent from Punjab State Power Corp. on Friday for the procurement of 1200 MW solar power. The power purchase agreement will be signed for 25 years, filing said.

Company expects to achieve 25 GW of generation capacity by end of current decade, more than half of which is bound to come from renewable resources.

Shares of SJVN Ltd. rose 7.97% to Rs 61.65 apiece as of 9:52 a.m., as compared to a 0.04% decline in the NSE Nifty 50. The scrip advanced as much as 9.81% intraday to hit a record high at Rs 62.7 apiece. The scrip hit a fresh record at Rs 59.75 per sharesin trade on Monday as well.

The scrip has risen nearly 79.7% year-to-date. Total traded volume stood at 12.9 times its 30-day average. The relative strength index was at 85, implying that the stock maybe overbought.

Five analysts tracking the company, maintain a 'buy' rating on the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential downside of 17.6%.

Source: Bloomberg, Exchange filing

Shares of Chennai Petroleum Corporation Ltd. tumbled the most in nearly nine months after its June quarter profit declined by 76% to Rs 556.5 crore, as compared to Rs 2,357.62 crore in the same period of the previous fiscal.

Chennai Petroleum Corporation Q1FY2024 (Consolidated, YoY)

• Revenues down 34% at Rs 17,985.67 crore.

• Net profit down 76% to Rs 556.5 crore.

• Ebitda down 72% at Rs 949.87 crore.

• Ebitda margin at 5.3% vs. 12.4%

Shares of Chennai Petroleum Corporation Ltd. fell 8.08% to Rs 407.1 apiece as of 9:33 a.m., as compared to a 0.12% advance in the NSE Nifty 50. The scrip declined as much as 9.69% intraday the highest single day fall since Oct. 27, 2022.

The scrip has risen nearly 97.7% year-to-date. Total traded volume stood at 7.2 times its 30-day average. The relative strength index was at 46.7.

Out of the three analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold' and one suggests to 'sell' the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential downside of 11.2%.

Source: Bloomberg, Exchange filing

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.48%, whereas S&P BSE SmallCap Index was 0.64% higher.

Sixteen out of the 19 sectors compiled by BSE advanced while three sectors advanced. S&P BSE Telecommunication rose the most.

The market breadth was skewed in the favour of buyers. About 1,754 stocks rose, 539 declined, while 99 remained unchanged on the BSE.

Source: BSE

India's benchmark stock indices were little changed at open on Tuesday after declining for the second consecutive day on Monday.

Chinese shares pushed regional stocks higher on optimism that more economic support will come from Beijing, while Wall Street markets started the week with gains ahead of key central bank rate decisions.

Technology stocks in Hong Kong jumped more than 4% while mainland China shares also advanced, sending the gains in a regional equity gauge to rise around 0.7% Tuesday. Shares edged higher at the open in Australia and equities in Japan and South Korea fluctuated.

On Monday, the Dow Jones Industrial Average rose for an 11th straight day — its longest winning run since 2017. The S&P 500 traded near 4,550, while the Nasdaq 100 underperformed after a “special rebalance” that took effect Monday.

At pre-open, the S&P BSE Sensex Index was up 151 points or 0.23% at 66,535.39 while the NSE Nifty 50 Index was 57 points or 0.29% lower at 19,729.35.

• At pre-open, the S&P BSE Sensex Index was up 151 points or 0.23% at 66,535.39 while the NSE Nifty 50 Index was 57 points or 0.29% higher at 19,729.35.

Source: Bloomberg

• The yield on the 10-year bond opened nearly two basis points higher at 7.09% on Tuesday.

• It closed at 7.07% on Monday.

Source: Bloomberg

• The local currency strengthened 8 paise to open at Rs 81.75 against the U.S dollar on Tuesday.

• Rupee closed at 81.83 on Monday.

Source: Bloomberg

• U.S. Dollar Index at 101.3

• U.S. 10-year bond yield at 3.86%

• Brent crude up 0.07% at $82.80 per barrel

• Nymex crude up 0.15% at $78.86 per barrel

• GIFT Nifty down 0.07% or 14 points at 19,719 as of 8:20 a.m.

• Bitcoin down 0.23% at $29,077.57

• Ex-date Dividend: Carborundum Universal, Transport Corporation of India, Cholamandalam Investment and Finance, Kirloskar Brothers, Orient Cement, KEC International, Paushak

• Ex-date Interim dividend: Bhansali Engineering Polymers

• Ex-date AGM: Carborundum Universal, Transport Corporation of India, Cholamandalam Investment and Finance, VIP Industries

• Record date dividend: Kirloskar Brothers, Paushak, KEC International

• Move Into Short-Term ASM Framework: Transformers and Rectifiers (India), Sterling, and Wilson Renewable Energy

• Move Out Of Short-Term ASM Framework: PC Jeweller.

• Usha Martin: Sixteenth Street Asian Gems Fund bought 16.5 lakh shares (0.5%) at Rs 329.07 apiece. 

• Lloyds Metals And Energy: Om Hari Halan sold 35 lakh shares (0.7%) at Rs 560.93 apiece.

Amber Enterprises India, Apollo Pipes, Asian Paints, Aurionpro Solutions, Bajaj Auto, Cyient, CEAT, Delta Corp., Dixon Technologies (India), Jubilant FoodWorks, Jyothy Labs, KPIT Technologies, Larsen & Toubro, Mahindra Holidays and Resorts, Mindspace Business Parks REIT, Hitachi Energy India, RattanIndia Power, SBI Life Insurance Company, Sundaram-Clayton, Tata Motors, Suzlon Energy, and UTI Asset Management Company.

• Tata Steel (Consolidated, YoY)

  • Revenues down 6.21% at Rs 59,489.6 crore. (Bloomberg estimate: Rs 56,337.8 crore).

  • Ebitda down 65.45% at Rs 5,173.82 crore. (Bloomberg estimate: Rs 5,050.5 crore).

  • Ebitda Margin at 8.7% vs. 23.61% (Bloomberg estimate: 9%)

  • Net Profit down 91.84% at Rs 633.95 crore. (Bloomberg estimate: Net loss of Rs 122.3 crore).

• DCM Shriram Q1FY2024 (Consolidated, YoY)

  • Total revenue from operations was down 1% to Rs 2,937.17 crore.

  • Ebitda down 62% to Rs 166.02 crore vs. Rs 436 crore.

  • Ebitda margin at 5.7% vs. 14.7%

  • Net profit down 78% at Rs 56.58 crore.

• JK Paper Q1FY2024 (Consolidated, YoY)

  • Total revenue from operations is up 11% at Rs 1,584.36 crore.

  • Net profit up 18% at Rs 312.56 crore.

  • Ebitda up 13% at Rs 477.19 crore.

  • Ebitda margins at 30.1% vs. 29.6%

• Spandana Sphoorty Financial Q1FY2024 (Standalone, YoY)

  • Revenues up 108% at Rs 468.93 crore.

  • Net interest income up 105% at Rs 273.69 crore.

  • Net profit of Rs 111.13 crore vs. net loss of Rs 222.69 crore

• Waaree Renewable Technologies Q1FY2024 (Consolidated, YoY)

  • Revenues up 36% at Rs 128.94 crore.

  • Net Profit up 12% at Rs 11.11 crore.

  • Ebitda up 22% at Rs 15.99 crore.

  • Ebitda margin at 12.4% vs. 13.7%

• Chennai Petroleum Corporation Q1FY2024 (Consolidated, YoY)

  • Revenues down 34% at Rs 17,985.67 crore.

  • Net profit down 76% to Rs 556.5 crore.

  • Ebitda down 72% at Rs 949.87 crore.

  • Ebitda margin at 5.3% vs. 12.4%

• IIFL Securities Q1FY2024 (Standalone, YoY)

  • Revenue up 27% at Rs 58.59 crore.

  • Net interest income up 14% at Rs 41.123 crore.

  • Net profit up 73% at Rs 68.96 crore.

• Shoppers Stop Q1FY2024 (Consolidated, YoY)

  • Revenues up 5% at Rs 993.61 crore.

  • Net profit down 37% to Rs 14.49 crore.

  • Ebitda up 6% at Rs 171.86 crore.

  • Ebitda margin at 17.3% vs. 17.1%

Reliance Industries: The company will invest Rs 378 crore in Mercury Holdings, a 50:50 joint venture between Brookfield Infrastructure and Digital Realty. It also committed to further invest up to Rs 622 crore via equity and debt.

Maruti Suzuki: The carmaker has recalled 87,599 S-Presso and Eeco models manufactured between July 5, 2021, and Feb. 15, 2023. The recall is over a possible defect in a part of the steering tie rod that may break and affect vehicle steerability and handling.

Vedanta: The company’s application under the government's Modified Semi-Scheme for fab manufacturing is under consideration for approval. The company will also apply for display manufacturing under the Modified Display Scheme.

Federal Bank: The lender has approved allocating 23 crore shares at Rs 131.9 apiece to eligible, qualified institutional buyers.

 SJVN: The company has bagged five hydropower projects totalling 5097 MW in Arunachal Pradesh's Dibang Basin. The investment will be worth Rs 50,000 crore.

Tata Steel: The company approved re-appointing TV Narendran as the chief executive officer and managing director of the company for a further period of five years from Sept. 19, 2023, till Sept. 18, 2028. 

 AstraZeneca Pharma India: The Drugs Controller General of India has granted permission to the company to import pharmaceutical formulations of a new drug for sale or distribution in Form CT-20, which is a marketing authorisation, for Dapagliflozin tablets of dosage 10 mg. Dapagliflozin Tablets are used to treat heart failure in adults.

Wipro: Wipro FullStride Cloud has partnered with data storage solutions company Pure Storage to incorporate sustainable technology practises into clients’ technology infrastructure.

Chinese shares pushed regional stocks higher on optimism that more economic support will come from Beijing, while Wall Street markets started the week with gains ahead of key central bank rate decisions.

Technology stocks in Hong Kong jumped more than 4% while mainland China shares also advanced, sending the gains in a regional equity gauge to rise around 0.7% Tuesday. Shares edged higher at the open in Australia, and equities in Japan and South Korea fluctuated.

On Monday, the Dow Jones Industrial Average rose for an 11th straight day—its longest winning run since 2017. The S&P 500 traded near 4,550, while the Nasdaq 100 underperformed after a "special rebalance" that took effect Monday.

Brent crude was above $82 a barrel, and West Texas Intermediate was around the $78 mark. The yield on the 10-year U.S. bond was trading at 3.86%, and Bitcoin was below the $30,000 level.

At 8:20 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.07%, or 14 points, at 19,724.

India's benchmark stock indices declined for the second consecutive session on Monday as heavyweights Reliance Industries Ltd. and Kotak Mahindra Bank Ltd. dragged the indices after June quarter earnings. The local currency strengthened 13 paise to close at Rs 81.83 against the U.S. dollar on Monday.

Overseas investors in Indian equities remained net sellers for the second straight session on Monday. Foreign portfolio investors offloaded stocks worth Rs 83 crore, while domestic institutional investors remained net buyers and mopped up stocks worth Rs 934.87 crore.