Stock Market LIVE: Nifty Slips Below 24,800, Sensex Slumps Over 200 Points As ICICI Bank & HDFC Bank Drag
Pharma and defence stocks were biggest laggard on the National Stock Exchange.
KEY HIGHLIGHTS
Stock Market LIVE: HDFC Bank Share Price Falls After Turning Ex-Date
HDFC Bank Ltd. share price declined after the stock turned ex-bonus. With Tuesday's losses, the stock price has fallen three session in a row.
The private lender has given one free bonus equity share of face value of Rs 1 each for every one fully paid-up equity share held.
Sectoral Performance At Open: Nifty Pharma Underperforms
On National Stock Exchange, 14 sectoral indices opened lower with the NSE Nifty Pharma declining the most. The NSE Nifty FMCG rose the most.
Nifty Detractors: ICICI Bank, HDFC Bank And Sun Pharma Weigh
ICICI Bank Ltd., HDFC Bank Ltd., Sun Pharmaceutical Industries Ltd., Bharti Airtel Ltd., and Reliance Industries Ltd. weighed on the NSE Nifty 50 index.
Hindustan Unilever Ltd., Titan Co. Ltd., Eicher Motors Ltd., Nestle India Ltd., and Hero MotoCorp Ltd. limited losses in the NSE Nifty 50 index.
India Most Expensive Among Emerging Markets, High Valuations Valid: HSBC
India is expensive for valid reasons— high return on equity, higher long-term growth potential and domestic appetite for equities, noted HSBC in its latest India Strategy note released on Tuesday.
The brokerage believes that the perceived risk for India is lower due to strong and proactive regulatory framework and institutions. Near-term slow growth and long-term deterioration in ROEs are downside risks, as per HSBC.
Reliance Industries Gets A Target Price Hike From UBS Ahead Of AGM
International investment firm UBS resumed coverage on Reliance Industries Ltd. with a 'buy' rating and hiked the 12-month target price of the stock. This comes ahead of the RIL annual general meeting on Friday, Aug. 29.
Analysts expect RIL to perform well in the coming 12 to 18 months as the group's earnings transformation of last five years open path towards value unlocking.
