Equity indices dip ahead of Q4 GDP data, Axis Bank slips 2.8 pc
May 29, 2020
Mumbai (Maharashtra) [India], May 29 : Equity benchmark indices were on a low swing during early hours on Friday ahead of the release of GDP data for January to March quarter (Q4 FY20).
The data is expected to reflect a slowdown in the economy as COVID-19 pandemic has severely hit consumer demand and private investments.
Market sentiment was weak following losses in Asian peers amid rising tensions between the United States and China.
At 10:15 am, the BSE S&P Sensex was down by 177 points or 0.55 per cent at 32,023 while the Nifty 50 edged lower by 20 points or 0.21 per cent at 9,470.
Sectoral indices at the National Stock Exchange were mixed with Nifty private bank down by 1.9 per cent, financial service by 1.6 per cent and PSU bank by 1.4 per cent. But Nifty pharma moved up by 2 per cent and FMCG by 0.8 per cent.
Among stocks, private banks suffered with Axis Bank down by 2.8 per cent at Rs 379.95 per share. Kotak Mahindra Bank slipped by 2.2 per cent, HDFC Bank by 2.1 per cent and ICICI Bank by 1.4 per cent
Metal majors Tata Steel and Hindalco were down by 1.8 per cent and 1.3 per cent respectively while Tata Motors skidded by 2.1 per cent. The other prominent losers were Adani Ports and Bajaj Finance.
However, those which gained were Bharti Infratel, Bajaj Auto, UPL, Cipla and Dr Reddy's.
Meanwhile, Asia's stock markets pulled back as investors awaited the US response to China's parliament pressing ahead with national security legislation for Hong Kong.
MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.3 per cent and Japan's Nikkei retreated from a three-month high. Hong Kong's Hang Seng was 0.4 per cent lower in early trade.
