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Stock market update: Nifty Private Bank index in the red; HDFC Bank, IndusInd Bank top drags

NEW DELHI: Losses in HDFC Bank (down 1.08 per cent), IndusIn..

NEW DELHI: Losses in HDFC Bank (down 1.08 per cent), IndusInd Bank (down 0.74 per cent) and Kotak Mahindra Bank (down 0.63 per cent) were weighing on Nifty Private Bank index during the first half of Monday's trading session.

HDFC Bank went into the reverse and tanked over 2 per cent early Monday.

The slide came after the scrip hit a new 52-week high. The stock opened at Rs 2,154.20 and added 3 per cent to hit the mark.

Market participants are expecting that foreign Institutional Investors (FII) may buy up to 4.3 crore shares to increase their stake by 1.68 per cent in the bank. Currently, FIIs hold 72.32 per cent in HDFC Bank, which is under the permissible limit of 74 per cent.

The Nifty Private Bank index was trading 0.36 per cent down at 15,065 around 10:55 am.

Shares of IDFC Bank (down 0.49 per cent), Federal Bank (down 0.30 per cent) and Axis Bank (down 0.22 per cent) were also under pressure.

However, YES Bank (up 1.72 per cent), RBL Bank (up 0.77 per cent) and ICICI Bank (up 0.19 per cent) were up.

Benchmark NSE Nifty50 index was down 7 points at 10,689, while the BSE Sensex was flat at 35,226.

Among the 50 stocks in the Nifty index, 22 were trading in the green, while 28 were in the red.

Original Article


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