RIL, HDFC Bank send Sensex 300 points down; check what’s dragging markets today

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Published: May 29, 2020 10:18 AM

Among top Sensex losers, Axis Bank was followed by IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, Tata Steel and HDFC, down in the range of 2-3 per cent.

Nifty Bank index was down nearly 2 per cent dragged by Bandhan Bank, Axis Bank, Kotak Mahindra Banka

Indian share market indices BSE Sensex and Nifty 50 slipped nearly one per cent in Friday’s session on the back of weak global markets. Besides, GDP data for January-March quarter and April core sector are scheduled to realease later today. The 30-share Sensex fell 300 points or 0.92 per cent to trade at 31,904. While the broader Nifty 50 index slipped below 9,450 and was ruling at 9,423, down 66 points or 0.70 per cent. Among top Sensex losers, Axis Bank was followed by IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, Tata Steel and HDFC, down in the range of 2-3 per cent. “The markets have opened on a subdued note this morning. We have moved in a one way direction and some profit booking is only natural. I would be concerned on the trend reversing only if we break 9150. Until then this market can be bought into on all dips,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Sectoral indices trade mixed: Nifty Bank index was down nearly 2 per cent dragged by Bandhan Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank. While Nifty Pharma was trading higher in otherwise weak trade led by Cadila Healthcare, Glenmark, Aurobindo Pharma.

Axis Bank top Nifty 50 loser: Out of 50 stocks on Nifty50, 27 scrips advanced and 23 declined. Axis Bank, IndusInd Bank, HDFC Bank, Tata Motors and Adani Ports were top index losers. On the other hand, Infratel, Bajaj-Auto, UPL, Cipla and Dr Reddy’s Laboratories were among the index gainers.

Corporate earnings: Everest Industries, Jagran Prakashan, KEC, Lemon Tree, Shipping Corporation of India, Equitas Holdings, Jubilant Life Sciences, Procter & Gamble Healthcare, V-Mart Retail, Symphony and 3M India are among 31 companies which are scheduled to announce their March quarter earnings today.

Vodafone Idea zooms 15%: Vodafone Idea share price zoomed 15 per cent to Rs 6.69 apiece on BSE on report that Alphabet Inc’s Google could pick a 5 per cent stake. Any investment by Google in Vodafone Idea at this stage will boost the company’s financials and its ability to survive in the market.

FII and DII data: Foreign Institutional Investors (FIIs) bought shares worth net Rs 2,354.14 crore, while Domestic Institutional Investors (DIIs) also bought net Rs 144.83 crore worth of shares on net basis on Thirsday, according to the provisional data available on the NSE.

Global market: In overnight trade on Wall Street, US stocks settled lower as President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday. The Dow Jones Industrial Average fell 147.63 points, or 0.58%, to 25,400.64, the S&P 500 lost 6.4 points, or 0.21%, to 3,029.73 and the Nasdaq Composite dropped 43.37 points, or 0.46%, to 9,368.99.

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