Markets extend correction from life-time peaks

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.

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 downstream products," said Prashanth Tapse, Sr. VP Research analyst at Mehta equities Limited.

JSW Steel, Tata Steel and Tech Mahindra were other laggards. On the other hand, Mahindra & Mahindra and Larsen & Toubro gained more than 1%. IndusInd Bank, Axis Bank and Tata Motors were among other gainers.