Updates on the stock market: Kotak Bank plunges 10%, Sensex drops 200 points, and Nifty closes at 22,350
After Meta provided lower-than-expected sales projections, the global atmosphere became cautious, and equity benchmark indexes began Thursday’s trading day on a sour note.
The monthly expiration of futures and options is likely to influence the mood of market traders back home.
The S&P BSE Sensex started at 280 points and was seen trading at levels close to 73,650. The Nifty 50 index of the NSE was trading at 22,300.
Axis Bank saw a 3% increase in its Sensex 30 share price after posting a profit of Rs 7,129 crore in Q4 of last year, compared to a loss in the same period the previous year. The other noteworthy winners were ITC, HDFC Bank, and HCL Technologies.
Following the Reserve Bank of India’s (RBI) decision to prohibit the private lender from issuing new credit cards, Kotak Bank fell more than 9% to Rs 1,673. Currently, analysts are less optimistic about Kotak Bank’s shares.
The other significant losses were Asian Paints, Bajaj Finserv, Titan, Hindustan Unilver, and Bajaj Finserv.
Expert Opinion: Geojit Financial’s Dr. V. K. Vijayakumar
This market’s general tendency is bullishness in spite of unfavorable stimuli. Geopolitical concerns and increasing US bond rates (the 10-year is still over 4.6%) are not having any effect on the market. FIIs have liquidated shares valued at an astounding Rs 25853 crores during the last seven days. However, the DII purchasing outweighed the FII selling, and the market’s upward trend persisted. The market won’t pay attention to allegations that Israel is hitting certain Hezbollah-related locations until they escalate tensions with the region.
Worldwide Cues
The US market closed on a neutral note overnight, but futures saw a 1% loss in post-market action after Meta stock fell 16% due to lower-than-expected sales forecast.
In addition to the major tech results tonight, US investors will be looking to the GDP figures for guidance.
This morning, the Kospi, Taiwan, Nikkei, and Straits Times all saw percentage declines close to home.
