Sensex tanks over 300 points |
The losses in the Indian stock market were led by financials after HDFC Bank on Friday reported a 21% rise in net profit but also said that retail loan growth slowed and the gross non-performing asset ratio moved up. The 30-share Sensex lost 305.88 points or 0.8% to close at 38,031.13. In the last three trading sessions, the index has lost a total of nearly 1,200 points. HDFC was the biggest loser in the Sensex pack, shedding more than 5%, followed by HDFC Bank, which lost 3.32%. Stocks such as Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ITC and HUL also contributed to the Sensex losses on Monday. HUL will be reporting its quarterly numbers on Tuesday. The broader Nifty closed at 11,346.20, down 73.05 points or 0.64%. The India VIX index inched up nearly 4% on Monday.Market has been falling since Budget day as FIIs have started selling after the `super rich tax` was announced. Today`s fall was caused by follow-on selling by FIIs in the index heavyweights, besides weak global cues. Market has also started factoring in weak corporate results, slow progress of monsoon, lack of any stimulus package from the government to spur consumption and no concrete steps being taken by the government to address liquidity crunch.Foreign investors have been net sellers at nearly ₹9,000 crore in the July.
|
|
|
|