Share market update news: The stock market closed for the second consecutive day on Friday due to the withdrawal of foreign capital and selling in shares of banks amidst the sluggish start of the quarterly results. The Sensex broke 501 points while the Nifty points were lost 143.05. Investors have taken a cautious stance on bank shares due to Axis Bank’s quarterly results not in line with market expectations. Among the companies in the Group of Sensex, Axis Bank shares recorded the highest decline of 5.24 percent. The bank’s integrated net profit declined by 3 percent to Rs 6,243.72 crore in the June quarter.
BSE’s 30 -share standard index Sensex fell 501.51 points, or 0.61 percent to close at 81,757.73 points. At one time during trading, it fell 651.11 points to a low of 81,608.13 points. The National Stock Exchange (NSE )’s 50 -share standard index Nifty also fell at 143.05 points, or 0.57 percent to close at 24,968.40 points.
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Analysts said that investors have taken a cautious stance on bank shares due to Axis Bank’s quarterly results not in accordance with the market expectations. Among the companies in the Group of Sensex, Axis Bank shares recorded the highest decline of 5.24 percent. The bank’s integrated net profit declined by three percent to Rs 6,243.72 crore in the June quarter.
Research Head of HDFC Securities, Devarsh Advocate said that Axis Bank’s latest financial results were lower than market expectations. Apart from this, shares of HDFC Bank, Kotak Mahindra Bank and State Bank of India also closed down.
Also Read: Sensex falls 345 points under selling, NIFTY also remained in loss
Shares of Bharat Electronics, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, Titan and Econal also closed down. However, the share of Bajaj Finance, Tata Steel, ICICI Bank, HCL Tech and Infosys remained in profit. According to the stock market data, foreign institutional investors (FIIs) on Thursday sold shares worth Rs 3,694.31 crore.
Other markets in Asia closed with a decline in South Korea’s Korea and Japan’s Nikki index, while China’s Shanghai Composite and Hong Kong’s Hong Seng were in lead. European markets were trading with an edge. The US markets had an edge on Thursday.
Also Read: Share Bazaar caught speed, Sensex rises 700 points, Nifty also gained momentum
Global oil standard brent crude rose 0.92 percent to $ 70.16 per barrel. The BSE Sensex fell 375.24 points on Thursday to 82,259.24 points and NSE Nifty fell by 100.60 points to close at 25,111.45 points. (Language)
Edited by: Chetan Gour
