Indices remain in the red as HDFC Bank takes centre stage
Shares of HDFC Bank Ltd plunged more than 3 per cent, significantly dragging down the Nifty, following MSCI's significant announcement
Market Update at 12:25 PM: The headline indices remained in negative territory, while the broader indices pared earlier gains to trade flat. At 12:25 pm, the BSE Sensex tumbled 0.28 per cent reaching a level of 79,425. The Nifty 50 index lost 0.27 per cent to the 24,278 level.
Within the Nifty 50, Titan, Apollo Hospitals, and Dr Reddy’s Laboratories were among the leading gainers, whereas HDFC Bank, Bharat Petroleum Corporation and Shriram Finance were among the market draggers.
Shares of HDFC Bank Ltd plunged more than 3 per cent, significantly dragging down the Nifty, following MSCI's announcement that the bank's weightage on the MSCI Global Standard Index would be adjusted in two phases. The market had expected the adjustment to occur in a single tranche.
With 1,166 shares rising on the NSE and 1,336 shares declining, the advance-decline ratio remained in favour of declines.
Market Update at 11:00 AM: After starting the session on a lower note, the benchmark indices further extended their losses. At 11:00 am, the BSE Sensex fell 0.16 per cent reaching a level of 79,512. The Nifty 50 index declined 0.13 per cent to the 24,312 level.
Meanwhile, broader indices displayed mixed investor sentiment. Considering sectoral developments, Nifty Consumer Durables, Nifty Healthcare and Nifty IT were among the Top Gainers, while Nifty Financial Services and Nifty Bank were notable laggards.
Within the Nifty 50, Apollo Hospitals, Hero Motocorp and HCL technologies were among the leading gainers, whereas HDFC Bank, Bharat Petroleum Corporation and Tata Motors were among the market draggers. Chemplast Sanmar Ltd, V-Mart Retail Ltd and Lemon Tree Hotels Ltd experienced a significant spurt in trading volumes.
With 1,150 shares rising on the NSE and 1,329 shares declining, the advance-decline ratio remained in favour of declines.
Market Update at 9:30 AM: Indian frontline indices opened today's trading session slightly lower, impacted by losses in the banking and financial services sectors.
At 9:30 am, the BSE Sensex edged down by 0.07 per cent reaching a level of 79,585. The Nifty 50 index fell 0.10 per cent to the 24,322 level.
Considering sectoral developments, Nifty Consumer Durables and Nifty Healthcare were among the top gainers, while Nifty Financial Services and Nifty Bank were notable laggards.
Within the Nifty 50, Apollo Hospitals, Bharti Airtel and Tata Consultancy Services were among the leading gainers, whereas HDFC Bank, Bharat Petroleum Corporation and Shriram Finance were among the market draggers. With 1,298 shares rising on the NSE and 989 shares declining, the advance-decline ratio remained in favour of advances.
Pre-Market Update at 8:00 AM: U.S. stocks fluctuated overnight but sustained the upward momentum from late last week as investors anticipated key inflation data. Market sentiment was mixed as the S&P 500 ended flat with marginal gains, the Dow Jones Industrial Average fell by 0.36 per cent, while the Nasdaq Composite Index gained 0.21 per cent.
Most Asian markets are showing renewed investor confidence today, while the yen slipped in anticipation of U.S. data. GIFT Nifty indicated a subdued start for the domestic indices in today’s trading session.
Oil prices soared for the fifth consecutive session on Monday, supported by diminishing U.S. recession fears and heightened supply risks in the Middle East.
On August 12, foreign institutional investors (FIIs) sold shares worth Rs 4,680.51 crore, while domestic institutional investors (DIIs) made a sizeable inflow of Rs 4,477.73 crore.
The market experienced heightened volatility yesterday, but Adani Group stocks were less affected than expected. The government reiterated that SEBI and its chairperson have already addressed the issue, with nothing further to add. Do you think Adani stocks will withstand this challenge, or could they fall out of favour with investors?