INSUBCONTINENT EXCLUSIVE:
Share Market Today: Reliance Industries shares rose over 1% after it surpassed estimates.The S-P BSE Sensex and NSE Nifty 50 Indexes (stock
markets) extended declines to third day in opening trades led by declines in HDFC Bank after its asset quality deteriorated in June quarter
Losses in HDFC, ITC, Bajaj Finance, ICICI Bank, Axis Bank and Infosys also weighed on the benchmarks
psychological level of 11,350, came off intraday low levels owing to buying interest in Axis Bank, Reliance Industries, Infosys and TCS.As
to 11,370."Nifty is likely to stage a recovery from lower levels and bottom should be made around current levels," AK Prabahakar, head of
research at IDBI Capital told TheIndianSubcontinent over phone.Five of 11 sector gauges compiled by National Stock Exchange were trading
Led by the Nifty Financial Services Index's 1.8 per cent decline
gainers, up over 1 per cent each.Mid- and small-cap shares were witnessing intense selling pressure as the Nifty Midcap 100 Index declined
1.47 per cent and Nifty Smallcap 100 Index dropped 1.87 per cent.HDFC Bank was the biggest drag on the Sensex and Nifty
HDFC Bank shares fell as much as 2.75 per cent to hit intraday low of Rs 2,310.55 after the bank's gross non-performing assets as a
percentage of total advances rose to 1.4 per cent fro, 1.36 per cent in the previous quarter, the bank said in an exchange filing on
Saturday.Bajaj Finserv, Bajaj Finance, Bharat Petroleum, IndusInd Bank, Kotak Mahindra Bank, Eicher Motors, Coal India, Adani Ports and
IltraTech Cement were also among the losers in the Nifty.On the flipside, Vedanta, Tata Motors, Bharti Infratel, Yes Bank, Sun Pharma and
Maruti Suzuki were among the notable gainers.Among the individual shares, Reliance Industries swung between gains and losses after its
profit, which came in at Rs 10,104 crore, surpassed Reuters' estimates but its gross refining margins (GRM), a measure of how much the
company has earned by refining a barrel of crude oil, slipped to $8.1 per barrel from $8.2 per barrel in the previous quarter.The overall
market breadth was extremely negative as 1,227 shares were declining while 320 were advancing on the BSE.Get Breaking news, live coverage,
and Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
