Opening bell: Sensex sheds over 400 points, Nifty below 24,300 - Hindustan Times
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Opening bell: Sensex sheds over 400 points, Nifty below 24,300

Jul 05, 2024 10:09 AM IST

Stock market today: Eight of the 13 major sectors logged losses. The broader small- and mid-caps were trading little changed.

Indian shares opened lower dragged by top private lender HDFC Bank, which reported a sequential decline in loans in the June quarter. The NSE Nifty 50 was down 0.45% at 24,193.05 points, while the S&P BSE Sensex shed 0.58% to 79,591.47 points as of 9:23 am. HDFC Bank lost 3%, pulling financials, private bank and bank indexes down 0.7%-1%.

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

The bank said after market close on Thursday that its gross advances declined 0.8% sequentially in June quarter. Deposits were flat from a quarter ago.

"The update is negative from a stock price point of view," said Piran Engineer, senior research analyst at CLSA, adding, "Since HDFC Bank is focused on repaying HDFC's liabilities, loan growth took a back seat, and was down 1% quarter-on-quarter."

Eight of the 13 major sectors logged losses. The broader small- and mid-caps were trading little changed.

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