Equity indices close in the red, banking stocks sink but autos surge
May 11, 2020
Mumbai (Maharashtra) [India], May 11 : Equity benchmark indices wiped out intra-days gains on Monday and closed in the red due to profit booking with private banks leading the slide.
At the closing bell, the BSE S&P Sensex was down by 81 points or 0.26 per cent at 31,561 while the Nifty 50 edged lower by 12 points or 0.13 per cent at 9,239.
Sectoral indices at the National Stock Exchange were mixed with Nifty private bank down by 2.2 per cent, finance service by 1.8 per cent and pharma by 0.4 per cent. Nifty auto, however, was up by 4.2 per cent, IT by 1.4 per cent and metal by 1.2 per cent.
Among stocks, ICICI Bank tumbled by 4.6 per cent to close at Rs 322.10 per share. Kotak Mahindra Bank sank by 2.5 per cent, HDFC Bank by 1.4 per cent and IndusInd Bank by 1 per cent.
The other prominent losers were Bharat Petroleum Corporation, Dr Reddy's, Hindustan Unilever, HDFC, Nestle India and Tech Mahindra.
But auto stock surged with Hero MotoCorp advancing by 6 per cent, Tata Motors by 5.9 per cent, Bajaj Auto by 5.8 per cent, Maruti by 5.7 per cent and Eicher Motors by 3 per cent.
Meanwhile, Asian shares were up as investors looked ahead to more countries restarting their economies despite an unwelcome pick up in new coronavirus cases.
Japan's Nikkei added 1.05 per cent and Hong Kong's Hang Seng rose by 1.53 per cent. South Korea's Kospi was marginally down by 0.54 per cent.
