Indian stock markets ended flat with the key equity Sensex and Nifty closing marginally higher in green as the heavyweight component HDFC Bank collapsed in the late trade falling more than 1%.
Indian stock markets ended flat on Monday with the key equity Sensex and Nifty closing marginally higher in green as the heavyweight component HDFC Bank collapsed in the late trade falling more than 1%. The S&P BSE Sensex closed 35.19 points or 0.1% higher at 34,450.77 after kissing two-and-half-month high after the stock of HDFC Bank dropped in the late afternoon deals sending the benchmark indices to pare gains. Sensex had made an intraday high of 34,666.33 on 7 February 2018. Shares of India’s largest IT company TCS emerged as the volume and turnover topper on the exchange after the Tata Group’s cash cow breached the iconic mark of $100 billion in market capitalisation.
Shares of IndusInd Bank, M&M, Sun Pharma, Yes Bank, Asian Paints, Bharti Airtel, Kotak Mahindra Bank, Adani Ports, Reliance Industries were the notable gainers among the BSE Sensex constituents while shares of HDFC Bank, Hero MotoCorp, Wipro, ICICI Bank, Tata Motors and ONGC were the top laggards. The broader Nifty concluded the day at 10,584.7, up by 20.65 points or 0.2%. Shares of HDFC Bank as much as 3.37% to a day’s bottom of Rs 1,894.8 before closing down 1.42% at Rs 1,933.05 on BSE. Following the plunge in the share prices, the stock of HDFC Bank alone wiped off as much as 58 points from Sensex on Monday.
Among the regional markets, Tokyo’s Nikkei fell 0.3% to 22,088.04, South Korea’s Kospi shed 0.1% to 2,474.11, Hong Kong’s Hang Seng declined 0.5% to 30,254.4 and China’s Shanghai Composite index dropped 0.1% to 3,068.01. World stocks slipped on Monday as investors braced for a blizzard of earnings from the world’s largest firms while keeping a wary eye on U.S. bond yields as they approach peaks that have triggered market spasms in the past, Reuters said in a report.
In the meantime, gold fell by Rs 140 to Rs 32,310 per 10 grams and silver went down by Rs 150 to Rs 41,350 per kg due to reduced offtake by industrial units and coin makers at the bullion market of the national capital New Delhi. In the international markets, crude oil dipped a little on Monday on the back of rising US borrowing costs. Brent crude traded down 0.27% at $73.86 per barrel while US West Texas Intermediate crude was down 0.47% at $68.08 per barrel.