Kotak Mahindra Bank, Dr Reddy's , HDFC Bank, Axis Bank and SBI lost 1-3 per cent eachThe standard indices erased nearly all their losses to end marginally in the red, in the middle of an unpredictable session of trading, as the regulatory crackdowns in China continued to affect financier belief.
The BSE Sensex oscillated in a broad series of more than 800 points between an intra-day low of 51,802.73 and a high of 52,673.69 before ending at 52,443.71, lower by 135.05 points or 0.26 per cent.
The NSE Nifty swung between 15,513.45 and 15,767.50 before closing at 15,709.40, down 37.05 points or 0.24 per cent.The wider markets also rebounded towards completion of trade, with the BSE Midcap index ending flat and the BSE Smallcap index shedding 0.4 per cent.The criteria indices had a gap-down opening and slashed off more than 1 percent in the late-morning session as regulative crackdowns in China roiled technology, property and education sectors throughout Asia.
A steady opening in the European markets, consisting of the CAC, DAX and FTSE, led to an intra-day healing on Dalal Street.In the primary market, the Rolex Rings' Rs 731 crore preliminary public offering (IPO) has opened for bidding today i.e.
July 28.
The IPO, which will close on July 30, will consist of a fresh concern of Rs 56 crore and an offer for sale of up to Rs 675 crore.On the stock-specific front, Kotak Mahindra Bank dived nearly 3 percent to top the loser's list on the BSE.
Dr Reddy's extended its previous day's post-earnings losses by another 2.4 per cent to Rs 4,726.
HDFC Bank, Axis Bank and SBI were the other significant losers on the BSE.On the other hand, Bharti Airtel, Tata Steel and IndusInd Bank bucked the weak pattern to get 1-5 per cent each on the BSE.
On Tuesday, IndusInd Bank had actually reported a 99 percent year-on-year growth in net earnings at Rs 1,016 crore for the quarter ended June 2021 compared to Rs 510 crore in the matching quarter last year on the back of development in retail loans and lower non-performing possessions (NPA) provisioning.The BSE market breadth was weak.
Out of 3,333 stocks traded on the BSE, there were 1414 advancing stocks as against 1719 decreases.