The domestic stock market closed down with a huge fall in the last trading session of the week due to going out of foreign funds and selling in banking shares. The benchmark stock index Sensex and Nifty declined for the second consecutive day on Friday. The 30 -share BSE Sensex closed down 501.51 points or 0.61 percent to close at 81,757.73. During the day it also fell 651.11 points or 0.79 percent to a low of 81,608.13. Similarly, NSE Nifty with 50 shares fell 143.05 points or 0.57 percent to close at 24,968.40.
Investors are cautious about banking shares
According to the news, market analysts say that investors showed vigilance over banking shares due to Axis Bank’s latest financial results being lower than the market expectations. Among the Sensex companies, Axis Bank dropped the highest 5.24 percent. The bank faced a 3 percent decrease in consolidated net profit in the June quarter, which stood at Rs 6,243.72 crore. This affected the change in non-performing assets (NPAs) and loan upgrade policy.
These major banking shares decline
Devash Vakil, the head of Prime Research of HDFC Securities, said that the financial results of Axis Bank did not live up to the market expectations. He says that it is worth noting that Axis Bank’s GDR fell 4.8 percent to US $ 64.30 on Thursday, indicating the bank’s asset quality deterioration in the June quarter. The major shares of the banking sector were Axis Bank, HDFC Bank, Kotak Mahindra Bank and State Bank of India in decline.
The boom seen in these stocks
BSE Bankx fell 1.33 percent to close at 62,741.65 due to a decline in banking stocks. Other backward stocks of the Sensex included Bharat Electronics, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, Titan and Ematraneal. At the same time, Bajaj Finance, Tata Steel, ICICI Bank, HCL Tech and Infosys were in fast.
How was the trend in Asian markets
Talking about the Asian markets, South Korea’s Kospi and Japan’s Nikki closed down 225 decline, while Shanghai’s SSE Composite and Hong Kong’s Hang Seng index closed with positive stance. European markets were trading with profit, while the US markets closed firmly on Thursday. The price of global oil standard Brent crude rose 0.92 percent to US $ 70.16 per barrel. On Thursday, the Sensex fell 375.24 points or 0.45 percent to close at 82,259.24. The Nifty closed at 25,111.45 by going down 100.60 points or 0.40 percent.
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