Foreign fund outflows and crude oil prices above $80 a barrel also weighed on equities. market As traders await the monetary policy decision from the US Federal Reserve to be announced this week.
30-share BSE Sensex fell 87.24 points, or 0.13, to 66,597.02. comprehensive nse smelly fell 10.65 points, or 0.05 percent, to 19,734.35.
Kotak Mahindra from the Sensex pack fell over 3 per cent and Reliance fell close to 2 per cent in early trade.
“RIL Q1 results missed Street estimates due to weak performance in oil-to-chemicals (O2C) business due to sharp fall in crude prices and lower price realization of downstream products,” said Prashant Tapase, Senior VP Research Analyst, Mehta Equities Ltd.
JSW Steel, Tata Steel and Tech Mahindra were the other laggards.
On the other hand, Mahindra & Mahindra and Larsen & Toubro gained over 1 per cent each. IndusInd Bank, Axis Bank and Tata Motors were other gainers.
Of the 30 stocks, 18 were trading in the green, while 27 on the 50-stock index Nifty were in the positive zone.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said in his market outlook, “The near-term market trend will be influenced by several factors, such as the recent Q1 results, some key results expected this week and policy decisions such as the Fed meeting outcome on Wednesday.”
Vijayakumar further said that Fed is likely to hike rate by 25 bps on Wednesday, but market movements will be determined by Fed chief’s remarks about future inflation and rate trends. Investors can wait and watch these events unfold.
On Friday, both the indices closed over 1 per cent lower in the previous session, snapping their six-day record-breaking rally. BSE On Friday, the benchmark closed 887.64 points or 1.31 per cent lower at 66,684.26. The NSE Nifty closed 234.15 points, or 1.17 per cent, down at 19,745.
In Asian markets, the Nikkei 225 was up 1.38 per cent, while bourses in Hong Kong and Shanghai were trading flat.
US markets closed broadly higher on Friday.
Global oil benchmark Brent crude was trading at $80.96 per barrel, down 0.14 per cent.
According to exchange data, foreign institutional investors (FIIs) were sellers on Friday as they sold equities worth Rs 1,998.77 crore.