Sensex, Nifty trade in red as ICICI Bank drops over 2%; PSU banks decline, volatility increases

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Published: April 23, 2018 9:48:14 AM

Indian stock markets fell into negative territory after opening marginally higher on Monday as market participants stay cautious ahead of another round of major companies will be reporting the financial results for the quarter ended 31 March, this week, with firms like Bharti Airtel, Reliance Industries, Axis Bank and Wipro.

BSE Sensex shuttled between 34,500.55 and 34,259.27 after opening little higher at 34,493.69 on Monday. (Image: Reuters)

Indian stock markets fell into negative territory after opening marginally higher on Monday as market participants stay cautious ahead of another round of major companies will be reporting the financial results for the quarter ended 31 March, this week, with firms like Bharti Airtel, Reliance Industries, Axis Bank and Wipro. Going ahead in the week, the domestic stock markets are likely to be steered by the movement in crude oil prices, fourth-quarter earnings, derivatives expiry and the upcoming round of elections in Karnataka. BSE Sensex shuttled between 34,500.55 and 34,259.27 after opening little higher at 34,493.69 on Monday while NSE Nifty started the day at 10,592.8, up by 28.75 points.

Shares of HDFC Bank traded down 0.7% at Rs 1,947.65 after India’s largest bank by market capitalisation and country’s second-largest bank by assets posted a jump of 20.3% in the standalone net profit to Rs 4,799.3 crore for the January-March period. Shares of IndusInd Bank, Yes Bank, L&T, M&M, Kotak Mahindra Bank emerged as the top gainers on BSE Sensex whereas shares of ICICI Bank, Infosys, Adani Ports, Hero MotoCorp and Dr Reddy’s dipped by more than 1%.

Shares of ICICI Bank dropped 2.34% to Rs 275.35 after the capital market regulator is reportedly considering to get a forensic examination done on financial statements and disclosures made by ICICI Bank in last few years amid the ongoing controversy over alleged conflict of interest involving the ICICI Bank’s CEO Chanda Kochhar, Deepak Kochhar (her husband) and Videocon group.

Shares of the wind-turbine maker Suzlon tripped 2.6% to Rs 11.2 after Securities and Exchange Board of India slapped a fine of about Rs 1.1 crore on Suzlon Energy for violating listing agreement norms. “Securities and Exchange Board of India by an adjudication order dated 20th April 2018 (the “Order”) has imposed a monetary penalty of a total sum of Rs 1.1 crore on the
company and its compliance officer for alleged non-reporting of events in the past, Suzlon Energy said in an exchange filing.

Wall Street’s three major indexes declined on Friday as investors worried about a jump in U.S. bond yields, with technology stocks leading the decline on nerves about upcoming earnings reports and iPhone demand, Reuters said in a report. The Dow Jones Industrial Average fell 202.09 points or 0.82% to 24,462.8, the S&P 500 lost 22.98 points or 0.85% to 2,670.15 and the Nasdaq Composite dropped 91.93 points or 1.27% to 7,146.13.

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