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Sensex Ends Lower By 100 Points, Nifty Holds 15,700; Select Banks Drag

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Sensex Ends Lower By 100 Points, Nifty Holds 15,700; Select Banks Drag

Kotak Mahindra Bank, Dr Reddy’s, HDFC Bank, Axis Bank and SBI lost 1-3 per cent each

The benchmark indices erased almost all their losses to end marginally in the red, amid a volatile session of trading, as the regulatory crackdowns in China continued to impact investor sentiment. The BSE Sensex oscillated in a broad range of more than 800 points between an intra-day low of 51,802.73 and a high of 52,673.69 before ending at 52,443.71, lower by 135.05 points or 0.26 per cent. The NSE Nifty swung between 15,513.45 and 15,767.50 before closing at 15,709.40, down 37.05 points or 0.24 per cent.

The broader markets also rebounded towards the end of trade, with the BSE Midcap index ending flat and the BSE Smallcap index shedding 0.4 per cent.

The benchmark indices had a gap-down opening and shaved off more than 1 per cent in the late-morning session as regulatory crackdowns in China roiled technology, property and education sectors across Asia. However, a stable opening in the European markets, including the CAC, DAX and FTSE, led to an intra-day recovery on Dalal Street.

In the primary market, the Rolex Rings’ Rs 731 crore initial public offering (IPO) has opened for bidding today i.e. July 28. The IPO, which will close on July 30, will consist of a fresh issue of Rs 56 crore and an offer for sale of up to Rs 675 crore.

On the stock-specific front, Kotak Mahindra Bank dived nearly 3 per cent to top the loser’s list on the BSE. Dr Reddy’s extended its previous day’s post-earnings losses by another 2.4 per cent to Rs 4,726. HDFC Bank, Axis Bank and SBI were the other significant losers on the BSE.

On the other hand, Bharti Airtel, Tata Steel and IndusInd Bank bucked the weak trend to gain 1-5 per cent each on the BSE. On Tuesday, IndusInd Bank had reported a 99 per cent year-on-year growth in net profit at Rs 1,016 crore for the quarter ended June 2021 compared to Rs 510 crore in the corresponding quarter last year on the back of growth in retail loans and lower non-performing assets (NPA) provisioning.

The BSE market breadth was weak. Out of 3,333 stocks traded on the BSE, there were 1414 advancing stocks as against 1719 declines.

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