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

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

Updated on: Jul 5, 2024, 10:09:26 IST

By HT News Desk

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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)

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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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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