Indian Shares Set For Muted Opening
Gift Nifty pointed to an 80-point rise as investors watched earnings, RBI minutes and the Jio Platforms IPO in a holiday-shortened week.
- On Monday, Indian equity benchmarks experienced a significant downturn, with the BSE Sensex tumbling 876.37 points to 73,852.90 and the NSE Nifty falling 257.20 points to 22,888.95.
- Private banking stocks, particularly HDFC Bank and Axis Bank, drove the decline following quarterly earnings reports, as weak global trends exacerbated selling pressure across Indian markets.
- Vinod Nair, Head of Research at Geojit Investments Ltd, said private banks remained under pressure due to margin concerns, while PSU banks bucked the weakness amid resilient asset quality expectations.
- Elevated crude oil prices trading near $108 a barrel and persistent foreign institutional investor outflows weighed on sentiment, pushing the rupee to settle at 94.92 against the dollar.
- Ankur Punj, Managing Director at Equirus Wealth, expects continued volatility as higher crude prices, uncertainty surrounding the US-Iran conflict, and elevated US bond yields drive investors toward safe-haven assets.
41 Articles
41 Articles
The Indian stock market plunged sharply on Monday, resulting in losses of nearly ₹5 lakh crore for investors. This decline was driven by high crude oil prices and a sharp decline in private banking stocks.
Sensex tumbles 876 points, Nifty drops below 22,900 amid private bank sell-off
Indian benchmark equity indices, Sensex and Nifty, ended sharply lower, with the Sensex tumbling 876.37 points and the Nifty dropping below 22,900, primarily due to a decline in private bank stocks like HDFC Bank and Axis Bank, alongside weak global market trends.
3 reasons why the market is falling today: Nifty below 22,900, Sensex slides 1,000 points
Stock Market Today: Sensex falls 1,000 points and Nifty slips below 22,900. Check three key reasons behind the market decline, including bank stocks, crude oil prices and rising volatility.
Why are banking stocks falling? Nifty Bank down 1%; Axis, HDFC Bank shares crash up to 5% - What should investors do?
Private bank stocks fell on Monday, pulling the Nifty Bank index down 1%, despite most lenders reporting year-on-year profit growth. Analysts cited high expectations, mixed results, elevated crude prices and foreign investor selling as risks.
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