Benchmark indices ended in the red on budget eve due to muted corporate earnings and caution ahead of Nirmala Sitharaman’s proposals amid a “conservative” growth forecast in the Economic Survey.

The 30-share BSE Sensex lost 102.57 points or 0.13 per cent to end at 80502.08 after crashing 504 points during intra-day trades to 80100.65.

Its bigger peer — the Nifty — dropped 21.65 points to finish at 24509.25 after slipping 168.6 points to 24362.30.

Analysts said prices came under pressure on account of disappointing results of Reliance Industries and Kotak Mahindra Bank. Besides, a weak trend in global equity markets hit sentiment. They added that the forecast of 6.5-7 per cent growth in the Economic Survey disappointed investors.

The impact of the results season was in full evidence with Kotak Mahindra Bank leading the list of losers as it dropped by 3.55 per cent in the Sensex group.

It was followed by Reliance Industries which fell 3.49 per cent. ITC, State Bank of India, HCL Technologies and IndusInd Bank were the other big laggards as they fell up to 1.69 per cent.

On the other hand, HDFC Bank climbed over 2 per cent after it reported an in-line net profits for the quarter ended June 30, 2024, and analysts were upbeat about its road ahead.

``Rising US-China tension, US President Joe Biden withdrawal from the President race and mixed set domestic earnings so far especially from heavyweights has dented investor sentiments,” Siddhartha Khemka, head — retail research, Motilal Oswal Financial Services said.

“Moreover the market is cautious ahead of the Union budget presentation on Tuesday especially given the conservative growth forecast in the economic survey released during the day.’’

Khemka said though the budget is largely expected to be growth-oriented, with the announcement of some measures aimed at addressing rural economy, this is largely factored in by the market.

Provisional data from the stock exchanges showed foreign portfolio investors (FPIs) making net purchases of ₹3,444 crore on Monday.

``The conservative economic growth forecast for 2024-25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget," Vinod Nair, Head of Research, Geojit Financial Services said.

"Further, the below-estimated first quarter results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in 2024-25.’’

Meanwhile, global oil benchmark Brent crude dipped 0.08 per cent to $82.53 a barrel.