Representational image only.
| Photo Credit: Reuters
Mumbai
Equity benchmark indices declined in early trade on July 24, extending corrections from their life-time peaks for the second consecutive session, dragged down by index heavyweight Reliance Industries after the company missed street estimates due to weak performance in oil-to-chemicals (O2C) business.
Foreign fund outflows and crude oil prices hovering above $80 per barrel also weighed on equity markets as traders were awaiting the U.S. Federal Reserve’s monetary policy decision to be announced this week.
The 30-share BSE Sensex declined 87.24 points or 0.13% to 66,597.02. The broader NSE Nifty fell 10.65 points or 0.05% to 19,734.35.
From the Sensex pack, Kotak Mahindra tanked more than 3% and Reliance tumbled close to 2% in the initial trade.
“RIL Q1 Results misses street estimates due to weak performance in oil-to-chemicals (O2C) business on account of a sharp reduction in crude oil prices and lower price realisation of…