Most of the sectoral indices ended lower with up to 3.06 percent decline. Nifty Financial Services dropped 272 points dragged by M&M Financial Services, Shriram Transport Finance, and PFC as well.
Halting the 3-day rally, BSE Sensex and Nifty 50 ended in the red as the extension of the moratorium on loans by the Reserve Bank of India(RBI) led to a sell-off in financial stocks. The 30-share Sensex fell 260 points or 0.84 percent to end at 30,672, while broader Nifty 50 index dropped 67 points or 0.74 percent to close the session at 9,039. Axis Bank share price closed 5.65 percent lower, while HDFC settled with a 5 percent loss. Similarly, Bajaj Finance was down 4.67 percent and ICICI Bank dropped 4.32 percent. As Vishal Wagh, Head of Research, Bonanza Portfolio Ltd said that – “Before the extended weekend, Nifty successfully hold 9000 levels. Rising tensions between the US and China will determine the trend for next week. There is a clear divergence between Nifty and Bank Nifty, it will be interesting to see how long remaining stocks in Nifty will continue to hold it above 9000,”.
HDFC, HDFC Bank, ICICI Bank, Axis Bank, and Reliance Industries were among the top index contributors towards today’s fall. On the contrary, M&M gained 4.30 percent and was the top Sensex gainer. Asian paints, Infosys, UltraTech Cement, Tech Mahindra, and also Maruti Suzuki were among other gainers on the index.
Most of the sectoral indices ended lower with up to 3.06 percent decline. Nifty Financial Services dropped around 272 points dragged by M&M Financial Services, Shriram Transport Finance, and PFC as well.
Domestic equity markets will remain closed on Monday,25th May on account of Eid ul-Fitr. As Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote, said – “Market is encircled with negative news and the only thing that can really bring back confidence in these dark days is the discovery of an anti-drug to fight COVID-19 and a vaccine to keep it away. The commentary from US CEOs, even the Fed Governor are all pointing towards the worst which may still be ahead of us. Therefore, Indian bourses going ahead will mirror their economic trajectory,”.