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Indian equity benchmarks halted a three-day losing streak on weak global cues, surging oil prices and selloff in HDFC Bank. The NSE Nifty 50 fell 2.9% to below 23,100 and the BSE Sensex fell 3.3% to near 74,200. Intraday, the 30-stock index fell as much as 3.6% or 2,753 points to 73,950 and the 50-share index fell as much as 3.6% to 22,930. The declines in the benchmark indices were leed by HDFC Bank, which slided in today's trade after its part-time chair Atanu Chakraborty resigned, citing concerns over practices that were not aligned with his personal values and ethics.
Meanwhile, oil prices rose further as strikes on energy infrastructure in the Middle East raised supply concerns. Brent crude May futures climbed 5% to above $116. US West Texas Intermediate April futures rose more than 4% to $99.47. Elsewhere, European stocks fell at the open on Thursday as investors tracked developments in the Iran conflict after attacks on energy infrastructure in Iran and Qatar. The UK's FTSE 100 declined 1.15%, Germany's DAX fell 1.4%, France's CAC 40 lost 1%, and Italy's FTSE MIB was down 1.2%.
ICICI Bank said it has received a tax demand of Rs 384 crore from a Mumbai GST authority, according to an exchange filing. The bank said it will contest the tax demand.
HDFC Bank media call begins The lender addresses after its part-time chairman Atanu Chakraborty resigned, citing concerns over practices that were not aligned with his personal values and ethics.
HDFC Bank will hold a media call at 2:45 pm.
Brent futures for May delivery advanced as much as 5.5% to almost $115 a barrel.
SBI Mutual Fund acquired 6 crore equity shares or 4.14% stale on March 17.
Source: Exchange Filing
Source: Bloomberg
Source: Bloomberg
DEE Development said it has started production at its seamless pipe manufacturing plant in Gujarat, according to an exchange filing.
Rajputana Stainless listed at Rs 123.95 on the BSE against the offer price of Rs 122, a premium of 1.6%.
Keki Mistry told NDTV Profit he would not have taken charge as interim part-time chairman if HDFC Bank had not been aligned with his principles and values. The comment came after the bank appointed him interim part-time chairman.
Indian equity benchmarks extended losses in trade. The NSE Nifty 50 fell as much as 2.5% to 23,180, while the BSE Sensex dropped 2.6%, or 2,018 points, to 74,685.
HDFC Bank recovered from the day’s low in intraday trade. The stock was down 3.6%, after falling as much as 9% earlier in the session.
Indian equity benchmarks opened lower, ending a three-day gaining streak. The BSE Sensex fell as much as 2.6%, or 2,000 points, to 74,685, while the NSE Nifty 50 dropped as much as 1.7% to 23,378.
Manappuram Finance will be watched after the RBI approved Bain Capital’s acquisition of joint control. GR Infraprojects emerged as the L-1 bidder for an NHAI construction project worth Rs 2,441 crore.
Natco Pharma scheduled a board meeting on 24 March to consider the demerger of its agrochemicals division, UBL received environmental clearance for its Unnao brewery, and Vedanta will consider a third interim dividend on 23 March.
HDFC Bank may remain in focus after part-time chairman Atanu Chakraborty resigned.
Nazara Technologies may be tracked after brokerages turned cautious on its acquisition.
PhysicsWallah, Delta Corp and Solara Active Pharma may also be watched on tax demand-related developments.
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