Sensex Dips 587 Points as Banking and Financials Shares Dip; Nifty moved to 15,752
The 30-sahre BSE index fell 587 points or 1.1 percent to close at 52,553; while the larger NSE Nifty settled 171 points or 1.07 percent lower at 15,752.
HDFC Bank was the biggest lag in the sensex pack, falling to 3.18% after the lender reported quarterly profit that exceeded expectations on Saturday as bad debt provisions rose and asset quality deteriorated .
IndusInd Bank, HDFC, Axis Bank, Bajaj Finance, Maruti and Kotak Bank were the other big losers in the BSE index.
While NTPC, Nestlé India, Dr Reddy’s, Sun Pharma and ITC were the only winners to increase 2.18%.
On the NSE platform, the Nifty Private Bank, Financial Services, Bank and Auto sub-indices fell to 2.04%.
“Domestic stocks don’t appear to be inspiring at this time. The below-average June quarter performance reported by HDFC Bank over the weekend, along with visible stress on asset quality may weigh on finances global, ”Binod Modi Head-Strategy at Reliance Securities told PTI News Agency. .
On the global front, Asian stocks fell across the board as pessimism set in after the surge in regional Covid-19 infections and Wall Street’s first weekly loss after three weeks of gains.
Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market as they dumped stocks worth Rs 466.30 crore on Friday, according to provisional exchange data.
(With contributions from agencies)