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The Hindu
an hour ago
- Business
- The Hindu
Sensex tanks 501 points on selling in bank stocks, foreign fund outflows
Benchmark stock indices Sensex and Nifty tumbled on Friday (July 18, 2025), marking their second straight day of losses due to foreign fund outflows and selling in banking shares after a muted start to the quarterly earnings season. The 30-share BSE Sensex tanked 501.51 points or 0.61%, to settle at 81,757.73. During the day, it shed 651.11 points or 0.79%, to hit a low of 81,608.13. The 50-share NSE Nifty dropped 143.05 points or 0.57%, to close at 24,968.40. Analysts said investors turned cautious over banking stocks in response to Axis Bank's latest financial results, which fell short of market expectations. Among Sensex firms, Axis Bank tumbled the most by 5.24% after it reported a 3% dip in its June quarter consolidated net profit at ₹6,243.72 crore, impacted by the implementation of changes in non-performing assets and loan upgrade policy. Devarsh Vakil, Head of Prime Research, HDFC Securities, said Axis Bank's latest financial results fell short of market expectations. 'Notably, Axis Bank's GDR tumbled 4.8% to $64.30 on Thursday (July 17, 2025), following a deterioration in the bank's asset quality during the June quarter,' he said. Among blue-chip bank stocks, Axis Bank, HDFC Bank, Kotak Mahindra Bank and State Bank of India ended lower. Following the decline in bank stocks, the BSE Bankex ended 1.33% lower at 62,741.65. Bharat Electronics, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, Titan and Eternal were also among the laggards from the Sensex pack. However, Bajaj Finance, Tata Steel, ICICI Bank, HCL Tech and Infosys were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,694.31 crore on Thursday (July 17, 2025), according to exchange data. In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended in positive territory. European markets were trading with gains. The U.S. markets ended higher on Thursday (July 17, 2025). Global oil benchmark Brent crude climbed 0.92% to $70.16 a barrel. On Thursday (July 17, 2025), the Sensex dropped 375.24 points or 0.45%, to settle at 82,259.24. The Nifty ended lower by 100.60 points or 0.40%, at 25,111.45.
News18
4 hours ago
- Business
- News18
Axis Bank shares tumble over 7 pc after Q1 earnings
New Delhi, Jul 18 (PTI) Shares of Axis Bank on Friday tanked over 7 per cent after the company reported a 3 per cent dip in June quarter consolidated net profit. The stock dropped 7.40 per cent to Rs 1,073.95 on the BSE. At the NSE, it tumbled 6.36 per cent to Rs 1,086 apiece. The stock emerged as the biggest laggard among the Sensex and Nifty firms during morning trade. In the equity market, the 30-share BSE Sensex was trading 551.93 points lower at 81,707.31. The 50-share NSE Nifty quoted 164.65 points down at 24,943.60. Devarsh Vakil, Head of Prime Research, HDFC Securities said Axis Bank's latest financial results fell short of market expectations. 'Notably, Axis Bank's GDR tumbled 4.8 per cent to USD 64.30 on Thursday, following a deterioration in the bank's asset quality during the June quarter," he said. Axis Bank on Thursday reported a 3 per cent dip in its June quarter consolidated net profit at Rs 6,243.72 crore, impacted by the implementation of changes in non-performing assets and loan upgrade policy. 'Axis Bank reported disappointing 1Q numbers with a PAT decline of 4 per cent YoY," according to JM Financial Institutional Securities Ltd. The bank's core income showed low growth in the reporting period, but it was a Rs 614 crore hit brought about by what it called a 'technical impact" which hurt the profits. The bank's managing director and chief executive Amitabh Chaudhry told reporters that it decided to adopt a more prudent way of asset recognition, upgrades and treatment of accounts which have seen one-time settlements, as it had announced in the previous quarter, and added that economic losses due to the change will be 'minimum" going ahead. The gross non-performing assets ratio increased to 1.57 per cent from 1.28 per cent in the quarter-ago period, largely because of the technical impact. The gross slippages came at Rs 8,200 crore, as against Rs 4,805 crore in the preceding quarter, the bank said, adding that adjusting for the technical impact, the gross slippages stood at Rs 5,491 crore. PTI SUM DRR view comments First Published: July 18, 2025, 11:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
7 hours ago
- Business
- The Hindu
Markets decline in early trade dragged by foreign fund outflows, selling in Axis Bank
Equity benchmark indices Sensex and Nifty declined in initial trade on Friday (July 18, 2025) dragged by foreign fund outflows and a muted start to the earnings season. Analysts said sentiment among banking stocks is especially cautious in response to Axis Bank's latest financial results, which fell short of market expectations. The 30-share BSE Sensex declined 185.67 points to 82,073.57 in early trade. The 50-share NSE Nifty dropped 45.4 points to 25,066.05. From the Sensex firms, Axis Bank tumbled nearly 5 per cent after the firm reported a 3% dip in its June quarter consolidated net profit at ₹6,243.72 crore, impacted by the implementation of changes in non-performing assets and loan upgrade policy. According to Devarsh Vakil, Head of Prime Research, HDFC Securities, Axis Bank's latest financial results, fell short of market expectations. "Notably, Axis Bank's GDR tumbled 4.8% to $64.30 on Thursday (July 17, 2025), following a deterioration in the bank's asset quality during the June quarter," he said. Meanwhile, Bharti Airtel, Kotak Mahindra Bank, Eternal and Tech Mahindra were also among the laggards. However, Power Grid, Mahindra & Mahindra, Tata Steel and Tata Motors defied the broader market trends and were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,694.31 crore on Thursday (July 17, 2025), according to exchange data. "In July, so far, India has been underperforming most markets, with a dip of 1.6% in Nifty. A significant contributor to the decline is the selling by FIIs. "There is a clear pattern in FII activity this year so far. They were sellers in the first three months. For the next three months they turned buyers. And in the seventh month the trends so far indicate further selling unless some positive news reverses the downtrend in the market," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said. In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index quoted lower while Shanghai's SSE Composite index and Hong Kong's Hang Seng traded in the positive territory. The US markets ended higher on Thursday. Global oil benchmark Brent crude dipped 0.04 per cent to USD 69.49 a barrel. On Thursday (July 17, 2025), the Sensex dropped 375.24 points or 0.45% to settle at 82,259.24. The Nifty ended lower by 100.60 points or 0.40% to 25,111.45.
Business Recorder
2 days ago
- Automotive
- Business Recorder
Indian benchmarks inch lower dragged by auto stocks; HDFC Bank caps losses
India's benchmark shares inched lower on Wednesday, dragged by auto stocks after Tesla's entry into the local market, while gains in heavyweight HDFC Bank capped some losses amid subdued market sentiment across Asia due to a pick-up in U.S. inflation. The Nifty 50 was down 0.21% at 25,140.6 points, while the BSE Sensex lost 0.18% to 82,424.96, as of 10:18 a.m. IST. Nine of the 13 major sectors declined. The auto index fell 0.8%, with Mahindra & Mahindra and Tata Motors both losing 1%. Citi Research analysts said Tesla's Model Y was unlikely to disrupt the Indian market immediately, but warned that reduced import duties or local manufacturing could escalate the competitive threat. The metal index fell 0.8% on a stronger dollar, which makes commodities costlier for holders of other currencies. The broader small-caps and mid-caps traded flat. India's HCLTech slides on lower annual operating margin forecast HDFC Bank, the heaviest stock in both Nifty and Sensex, gained 0.8% after the top private lender said it will consider issuing bonus shares at a board meeting on July 19. Other Asian markets inched lower, with the MSCI Asia ex Japan index dropping 0.1% while U.S. Treasury yields and the dollar rose as investors digested a slight rise in U.S. inflation. Higher U.S. Treasury yields are negative for inflows into emerging markets such as India. The uptick in inflation, partly fueled by President Donald Trump's tariffs, has poured cold water on U.S. rate cut hopes and could pressure equity valuations, said Devarsh Vakil, head of prime research at HDFC Securities. The market's direction will hinge on developments around the U.S.-India trade deal and cues from the ongoing earnings season, said two analysts Among individual stocks, HDB Financial lost 2.6% after posting a profit drop in the June quarter, hurt by higher provisions for bad loans. Dixon Technologies gained 2.5% after CLSA reiterated its 'high conviction outperform' rating, citing benefits from the firm's push for deeper smartphone component integration.
Economic Times
3 days ago
- Business
- Economic Times
Sensex climbs 150 pts, Nifty above 25,100 as retail inflation hits 6-year low
Indian benchmark equity indices opened higher on Tuesday, tracking gains in Asian markets and a sharper-than-expected drop in domestic inflation to a more than six-year low. ADVERTISEMENT At around 9:17 am, the BSE Sensex was up 166 points, or 0.20%, at 82,420, while the Nifty50 rose 51 points, or 0.21%, to 25,133. Among the Sensex constituents, Sun Pharma, Tech Mahindra, Tata Motors, Infosys, and Asian Paints opened with gains, rising up to 1.5%. On the other hand, HCL Tech, UltraTech Cement, Eternal, and ICICI Bank opened in the red. All sectors opened in the green, with Nifty Auto, Pharma, Realty, Consumer Durables, and Oil & Gas leading the gains. Broader markets also edged higher, as both Nifty Midcap and Smallcap indices traded in the positive zone. Among individual stocks, Rallis India shares jumped nearly 7% in early trade after the company reported a 98% year-on-year (YoY) rise in net profit to Rs 95 crore for the quarter ended June 30, 2025. Meanwhile, shares of Tejas Networks plunged 10% after the company posted a net loss of Rs 194 crore for Q1FY26, compared to a profit of Rs 77 crore in the same quarter last year. ADVERTISEMENT Retail inflation slumped to a more than six-year low of 2.10% in June, near the lower range of the central bank's tolerance band, as food prices continued to ease, making a case for further interest rate cuts."A significant macro trend is the decline of CPI inflation in June to 2.10 percent. It appears that inflation will undershoot RBI's projection of 3.7% CPI inflation for FY26. This has raised rate cut hopes," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited. ADVERTISEMENT Devarsh Vakil, Head of Prime Research, HDFC Securities, said, "The Nifty recorded its fourth consecutive session of losses, primarily dragged down by Technology stocks yesterday. It found strong support near the crucial level of 25000 and bounced back. To negate the short-term downtrend, the Nifty must decisively surpass the resistance of 25331 on a closing basis. Any level below 25000 could drag the Nifty further towards the next support of 24733." Asian shares climbed and the dollar held gains on Tuesday as trade talks remained in the spotlight in a week that will see key readings on U.S. inflation and bank broadest index of Asia-Pacific shares outside Japan was up 0.4%, after U.S. stocks ended the previous session with meagre gains. Japan's Nikkei gauge added 0.2%. ADVERTISEMENT In early trades, the pan-region Euro Stoxx 50 futures were up 0.1%, German DAX futures were up 0.1%, and FTSE futures were up 0.2%. U.S. stock futures, the S&P 500 e-minis, were down 0.1%. Foreign Institutional Investors (FIIs) continued their selling spree for the second consecutive day on July 14, offloading equities worth Rs 1,614 crore. In contrast, Domestic Institutional Investors (DIIs) extended their buying streak for the sixth day, purchasing equities worth Rs 1,787 crore. ADVERTISEMENT Oil prices fell on Tuesday after U.S. President Donald Trump's lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply crude futures fell 29 cents, or 0.4%, to $68.92 a barrel by 0342 GMT, while U.S. West Texas Intermediate crude futures fell 35 cents, or 0.5%, to $66.63. Both contracts settled more than $1 lower in the previous session. The Indian rupee fell 1 paisa to 85.93 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.05% to 98.03 level. (With inputs from agencies)
