Sensex falls over 150 pts, Nifty tests 24,900; IT, bank stocks tumble
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Indian equity benchmarks Sensex and Nifty50 traded lower on Monday, as better-than-expected Q1 results from heavyweights HDFC Bank ICICI Bank , and Reliance Industries were offset by lingering global trade concerns.At 9:37 am, the BSE Sensex was down 155 points, or 0.19%, at 81,602, while the Nifty50 slipped 67 points, or 0.27%, to 24,903.From the Sensex pack, Reliance Industries, Axis Bank , M&M, Infosys , and Titan were the top laggards, falling up to 2%. In contrast, HDFC Bank, Tata Steel , ICICI Bank, and Eternal opened with gains.India's top two private lenders, HDFC Bank and ICICI Bank, reported better-than-expected Q1 results on Saturday, supported by higher interest income.HDFC Bank posted a 12.2% rise in net profit despite a five-fold jump in provisions, while ICICI Bank reported a 15.5% increase, aided by strong loan growth.On the sectoral front, Nifty IT dropped 0.9%, weighed down by losses in Wipro Mphasis , and Infosys. Nifty Oil & Gas, PSU Bank, and Pharma indices also declined between 0.5% and 0.9%. In the broader market, Nifty Midcap 100 slipped between 0.2% and 0.35%."The single most important factor which the market will be focusing on in the coming days will be the outcome of the trade talks between the US and India. If an interim trade deal between the two countries is reached with a tariff rate of less than 20 % on India, that would be a positive from the market perspective," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments."Weekend Q1 results were good with ICICI Bank reporting the best numbers, particularly in PAT and credit growth. HDFC Bank also reported steady set of numbers. Flow of institutional funds from some banks to ICICI Bank is a possibility, going forward. RIL's Q1 numbers are steady with Jio and retail posting good results. RIL stock has the potential to remain resilient," Vijayakumar added.Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "The short-term trend of the Nifty has turned cautious, with further support seen at 24742 and 24500. On the higher side, 25255 would continue to act as a resistance."
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