Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index settled higher in Wednesday’s choppy trade. BSE Sensex ended the session at 31,685.75, up 232.24 points or 0.74 per cent. While Nifty 50 index settled at 9,270, gaining 65 points or 0.71 per cent. As many as 21 stocks out 30 Sensex scrips finished trade in positive territory with M&M as the top gainer, up 5.27 per cent, followed by Bajaj Finance, HDFC Bank and ICICI Bank. ITC was the top Sensex laggard with a decline of nearly 6 per cent. Hindustan Unilever (HUL), TCS, Infosys, Sun Pharma were among other losers on the pack. Barring Nifty FMCG and Nifty PSU Bank, all the sectoral indices settled in green. Nifty Bank index gained 422 points or 2.19 per cent led by gains in Bank of Baroda, Kotak Mahindra Bank, SBI and Punjab National Bank.
BoFA Securities downgraded ratings for State Bank of India (SBI), IndusInd Bank, ICICI Bank, Bank of Baroda, with HDFC Bank the only ‘buy’ in the sector. While HDFC Bank remains the only bank with ‘buy’ rating. “We will likely see liability consolidators (led by HDFC Bank, Kotak Mahindra Bank, SBI) emerge stronger over the medium term but until the current NPA cycle peaks, we see downside risks to valuation multiples,” Bank of America Securities in its latest research report. It further added that the banking sector is on the verge of a new (and unique) NPA cycle panning across corporate and retail segments.