Indian equity indices, the S&P BSE Sensex and the NSE Nifty50, erased opening gains and traded volatile on Tuesday, dragged by banks and NBFC stocks, particularly index heavyweights such as HDFC and HDFC Bank.
The selloff in the last few sessions has taken a toll on investor wealth, which plunged by over Rs 4 lakh crore in three days of market fall. The market capitalisation of the BSE-listed companies eroded by Rs 4,37,602.4 crore to Rs 1,44,76,204.02 crore in just three days.
At 9.38 am, the Sensex was down by over 78 points, or 0.21 percent, trading at 37,952. The BSE frontline index opened at 38,138. The Nifty also slipped by more than 20 points, or 0.18 percent, to trade at 11,326. The broader NSE index started at 11,372.
The Nifty MidCap index dipped by 0.22 percent, while the Bank Nifty continued downtrend, falling more than half a percent. Sectoral gauges associated with IT, power and utilities were gaining, while finance, bank, auto and PSU bank indices slipped.
Nifty gainers included Kotak Mahindra Bank, Eicher Motors, UPL, Hero Moto, Bajaj Finance, rising between 1 and 1.2 percent. Yes Bank dipped 3.51 percent, while ZEEL, Bharti Infratel and HDFC Bank and HDFC fell between 1 and 1.5 percent.
HDFC twins fell by up to over 2 percent. In the last three sessions, the duo has fallen sharply, slumping between 7 and 9 percent.
Yes Bank fell over 3 percent on reports the promoters pledged 7.34 percent stake between July 18-22. Rana Kapoor has pledged his entire holding of 4.3 percent stake while Morgan Credits Pvt Ltd is also pledging his entire holding of 3.03 percent.
Shares of Kotak Mahindra Bank gained 2 percent on Tuesday after the lender's standalone profit for Q1 grew 32.7 percent year-on-year (YoY) to Rs 1,360.2 crore, driven by lower provisions and higher net interest income.
Meanwhile, the Indian rupee opened lower at 68.98 against the US dollar
on Friday, following a spike in American currency ahead of the US Federal Reserve policy decision later this month. The home currency had closed at 68.92 against the greenback.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 950.15 crore Friday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were up 0.85 percent to 6.42 percent from its previous close of 6.36 percent. Bond yields and prices move in opposite directions.
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