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Home / Business News / Sensex, Nifty erase all gains, end down dragged by banks

Sensex, Nifty erase all gains, end down dragged by banks

The 30-share index S&P BSE Sensex ended at 31,561.22, down 81.48 points or 0.26% and the broader Nifty50 breached the crucial 9,250-mark, to settle at 9,239, down 12 points.

business Updated: May 11, 2020, 16:34 IST
hindustantimes.com | Edited by Meenakshi Ray
hindustantimes.com | Edited by Meenakshi Ray
Hindustan Times, New Delhi
As many as 15 stocks out of 30 Sensex stocks finished their trade in the negative. ICICI Bank was the top Sensex loser, followed by Kotak Mahindra Bank, Hindustan Unilever, State Bank of India (SBI) and Tech Mahindra.
As many as 15 stocks out of 30 Sensex stocks finished their trade in the negative. ICICI Bank was the top Sensex loser, followed by Kotak Mahindra Bank, Hindustan Unilever, State Bank of India (SBI) and Tech Mahindra. (File photo for representation)

Indian indices pared opening gains to end in the red on Monday as bank stocks turned negative dragged by ICICI Bank, Kotak Bank and HDFC.

The 30-share index S&P BSE Sensex ended at 31,561.22, down 81.48 points or 0.26% and the broader Nifty50 breached the crucial 9,250-mark, to settle at 9,239, down 12 points.

ICICI Bank, HDFC Bank, HDFC, Kotak Mahindra Bank, HUL and Nestle India were among top contributors towards today’s fall.

As many as 15 stocks out of 30 Sensex stocks finished their trade in the negative. ICICI Bank was the top Sensex loser, followed by Kotak Mahindra Bank, Hindustan Unilever, State Bank of India (SBI) and Tech Mahindra.

Hero MotoCorp was the top Sensex gainer with a growth of 6.15%. Among other gainers were Bajaj-Auto, Maruti Suzuki, TCS and HCL Tech.

Nifty Bank and Nifty Fin Services fell over 1.5% each as the sector is expected to suffer a fresh bout of bad debt as the coronavirus crisis causes defaults. Nifty Auto surged the most and was up 4%, while Nifty IT and Nifty Metal rose over 1% each.

Hero MotoCorp, Tata Motors, Bajaj Auto, Bharti Infratel and Maruti were the top gainers on the Nifty50 index. ICICI Bank, Dr Reddy’s, BPCL, Kotak Bank and HUL led the losses on the index.

ICICI Bank shares jumped over 4.5% after India’s third-largest private sector lender reported that its slippages have risen and more than 30% of its loan book has availed the moratorium for repayment of loans in the fourth quarter of FY20.

IRCTC rose 5% as the company will open bookings for select passenger trains as announced by the Indian Railways on Sunday.

Shares in oil-to-telecoms conglomerate Reliance Industries Ltd (RIL) crossed Rs 10 lakh crore market capitalistion in intra-day deals after it unveiled another investment into its digital arm. However, it ended below that at Rs 9.9 lakh crore.

European shares climbed on Monday as investors clung to signs that more countries were restarting their economies and looked past reports of a pick-up in new coronavirus cases.

The gains for stocks, while small, began in Asia where markets cheered further loosening of coronavirus restrictions in the region - New Zealand eased some curbs from Thursday while Japan plans to end a state of emergency for areas where infections have stabilised.

Investors seemed determined to stay optimistic, opening up a stark gap between dire economic conditions on the ground and a rebounding stock market-focused mostly on the timing and speed of recovery.

“Risk bears are being sent into hibernation. Markets focus on re-opening economies and policy activism, bears struggle to understand how they can ignore reinfection and economic destruction,” Kit Juckes, a markets strategist at Societe Generale, said according to Reuters.

By 0825 GMT, European markets were up but off the day’s highs - the Euro STOXX 600 gained 0.11% while Germany’s managed a 0.39% rise and Britain’s FTSE 100 a 0.36% gain.

E-Mini futures for the S&P 500 opened softer but bounced as the Asia day wore on and were last up 0.1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.86%.

World shares, measured by the MSCI world equity index which tracks shares in 49 countries, ticked 0.1% higher - it has now risen 16% from its March lows.

As investors look to the reopening of economies, most have ignored dismal economic data. The most recent was Friday’s US jobs report, which detailed the biggest jump in joblessness since the Great Depression.

(With agent inputs)

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