MARKETS: Sensex slips 100 pts, Nifty tests 17,850; IndusInd Bank cracks 10%
Last Updated on January 13, 2023 by Admin
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Opening Bell
IndusInd Bank was the biggest loser, down 10 per cent, amid reports of lapses in governance and accounting norms related to allegedly ‘evergreen’ loans running into thousands of crores since the outbreak of Covid-19. On its part, IndusInd Bank on Saturday admitted that its micro-finance arm gave nearly 84,000 loans “without customer consent” due to a “technical glitch” in May 21, but denied whistleblowers’ allegations of “ever greening”.
Sun Pharma, Asian Paints, Tata Steel, M&M, HCL Tech, and HDFC Bank were some of the other top drags on the 30-pack index. On the upside, L&T, Kotak Bank, Maruti Suzuki, and Airtel were trading with up to 1 per cent gains.
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Sectorally, the Nifty Pharma index was down 2 per cent on the NSE, followed by the Nifty Private Bank index, down 1 per cent. On the flipside, only the Nifty Media and Auto indices were trading higher, rising up to 0.8 per cent.
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Pre-open session
LIVE market updates:
Domestic equities look set to open on a firm note on Monday amid mixed global cues. The BSE Sensex was up 318 points, or 0.7 per cent, at 60,386 levels in the pre-open session. The NSE Nifty, meanwhile, reclaimed the 18,000-mark at 18,040, up 123 points.
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LIVE market updates: The markets are set to resume normal trading after a four-day break today on Monday amid positive domestic and global cues. At 8:15 AM, SGX Nifty was at 17,993, up 53 points.
Primary market action
Digital payments company Paytm will open its initial public offer (IPO) for subscription on Monday (November 8). The three-day IPO will close on November 10. At $2.46 billion, Paytm IPO is said to be the biggest in India.
Earnings to Watch
3i Infotech Andhra Paper, Aurobindo Pharma, Automotive Axles, Balrampur Chini, Britannia, EID Parry, Fortis Hospitals, Goldiam International, GVK Power, PTC India, RS Software, Shankara Building, Sobha, Tamilnadu Petroproducts and Wockhardt Pharma few of the major companies scheduled to report earnings today.
Global cues
On Friday, the S&P 500 index rose 0.4 per cent, and the Nasdaq added 0.8 per cent. Dow Jones, however, was down 0.1 per cent.
This morning in Asia, the Nikkei was down 0.2 per cent, and the Hang Seng slipped 0.7 per cent. The Kospi had dropped 1.2 per cent while Shanghai and S&P/ASX 200 were also wee bit in red. The Straits Times, however, was up 0.8 per cent.
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