5 days ago
Indian Stocks Fall as Banks, Expiry Volatility Weigh on Sentiment
Indian stock markets fell for the second day in a row.
The Sensex and Nifty both ended lower.
Many large companies lost value, especially banks.
HDFC Bank fell after news of a US class-action lawsuit.
Investors also worried about higher oil prices.
Uncertainty in the Middle East made people more cautious.
Trading was especially unsettled because of the monthly expiry of market contracts.
Investors were also waiting for a speech by Fed Chair Kevin Warsh.
Together, these concerns led to heavy selling late in the session.
The BSE Sensex fell 539.35 points, or 0.70%, to 76,933.59.
The NSE Nifty declined 116.90 points, or 0.48%, to 24,090.85, below 24,100.
HDFC Bank dropped 2.08% after news of a US class-action lawsuit.
Banking stocks, including PSU and private banks, faced broad selling pressure.
Expiry-day volatility, geopolitical uncertainty, rising crude prices and investor caution weighed on sentiment.
- Who
- Indian stock-market investors and companies, particularly financial stocks such as HDFC Bank, PSU banks and private banks.
- What
- The Sensex and Nifty declined for a second consecutive day amid broad-based selling.
- Where
- Indian stock exchanges, including the BSE and NSE, in Mumbai.
- When
- Thursday; the sharpest selling occurred during the final 15 minutes of trading.
- Why
- Selling was driven by weakness in heavyweight financial stocks, expiry-day volatility, geopolitical uncertainty, higher crude prices and caution ahead of Kevin Warsh’s Jackson Hole speech.
Key facts
- Sensex close
- 76,933.59, down 539.35 points or 0.70%
- Nifty close
- 24,090.85, down 116.90 points or 0.48%
- HDFC Bank
- Fell 2.08% to Rs 712 after news of a US class-action lawsuit
- Banking indexes
- MidSmall Private Banks fell 2.57%, PSU Bank 2.12% and Private Banks 1.19%
- Brent crude
- Rose 0.67% to USD 88.43 per barrel
- Market timing
- Sharp selling emerged during the final 15 minutes of the session
- Additional concern
- Investors remained cautious ahead of Fed Chair Kevin Warsh’s Jackson Hole speech
Quotes
Vinod Nair
Head of Research at Geojit Investments
“Expiry-led volatility and the lack of a diplomatic breakthrough in the Middle East continue to keep markets range-bound in the near term.”
thehansindia.com
Sources
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