HDFC Bank’s result was not in line with the market, due to which banking and financial stocks registered a fall today. Today the result of HDFC Life has come and there has been a decline of 33 percent in the net profit of the company.
In the top-30 stocks of Sensex, 26 stocks closed in red mark and 4 shares closed in green mark.
Share Market Updates: The third possible wave of corona and global causes have a clear impact on the market today. On the first day of the week, the 30-share index Sensex closed at 52,553 with a fall of 586 points (-1.10%). The 50-share index Nifty 50 recorded a fall of 171 points and closed at the level of 15752. The results of HDFC Bank were not in line with the market, due to which there was pressure on the banking and financial stocks and they are a major contributor to today’s fall.
In the top-30 stocks of Sensex, 26 stocks closed in red mark and 4 shares closed in green mark. Shares of NTPC, Nestle India, Dr Reddy’s and SunPharm closed in the green while HDFC Bank, IndusInd Bank, HDFC, Axis Bank and Maruti were top losers. HDFC Bank recorded a huge decline of 3.35 percent. With today’s fall, the market cap of BSE listed companies has come down to Rs 233.22 lakh crore.
Fears of third wave increase pressure on Asian markets
1>>The cases of corona virus have started increasing again. Apart from this, the inflation rate is also expected to increase. Due to these two reasons, the Asian market is seen under pressure today. Dow Jones is seeing a decline of 0.86 percent at 4.32 pm. Talking about the Asian market, Hang Seng is currently down by 2.23 percent. Apart from this, there is also a fall in the stock markets of Japan, Indonesia, Hong Kong, China.
Banking stocks increased pressure
2>>Banking and financial stocks underperformed today. HDFC Bank’s result was not in line with the market, due to which HDFC Twins registered a decline. Apart from this, many banks including IndusInd Bank, Axis Bank closed in the red mark. As the June quarter results have started, the pressure on banking stocks has increased.
FPI withdrawing money from the market in July
3>>Last week, the stock market had set a new record and the Sensex had crossed 53 thousand. Nifty had also reached very close to 16000. FPIs are selling at this level because they are also afraid of the third wave of Corona. After buying in June, FPIs have withdrawn Rs 4515 crore from the market so far in July.
High valuations in the minds of investors
4>>The market is currently at its record level and has remained at this level for a long time. New investors are avoiding buying right now keeping in mind the high valuations. This thinking dominates the foreign investors as well. This is the reason why the market is trading in a range.
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