Equity indices edge lower, banking stocks underperform
Jul 27, 2020
Mumbai (Maharashtra) [India], July 27 : Equity benchmark indices ended half a per cent lower on Monday due to profit booking in banking and financial stocks.
At the closing bell, the BSE S&P Sensex was down by 194 points or 0.51 per cent at 37,935 while the Nifty 50 slipped by 62 points or 0.56 per cent at 11,132.
Except for Nifty IT which moved up by 1.9 per cent and metal, all sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 3.6 per cent, PSU bank by 3.1 per cent, financial service by 2.4 per cent and pharma by 1.7 per cent.
Among stocks, ICICI Bank lost by 6 per cent to Rs 358.70 per share despite its Q1 FY21 profit showing a growth of 36 per cent at Rs 2,599 crore.
HDFC Bank was down by 3.5 per cent, IndusInd Bank by 2.9 per cent and State Bank of India by 2.4 per cent. Kotak Mahindra Bank closed 2 per cent lower at Rs 1,322.45 per share after reporting 10 per cent dip in its Q1 net profit at Rs 1,244 crore.
Pharma giants Sun Pharma and Cipla were down by 2.5 per cent and 2.1 per cent respectively.
However, Asian Paints gained by 3.5 per cent while Tata Steel was up by 1.8 per cent. IT majors HCL Technologies, Infosys, Tata Consultancy Services and Tech Mahindra were up by 3 per cent, 2.6 per cent, 2.2 per cent and 1.6 per cent respectively.
Meanwhile, Asian shares came under pressure amid ongoing US-China trade war. Japan's Nikkei, which resumed trading after a long weekend, was down by 0.16 per cent.
Hong Kong's Hang Seng lost by 0.41 per cent but South Korea's Kospi was up by 0.79 per cent.
