HDFC Bank drags Sensex 500 points lower, Nifty slips below 24,200
HDFC Bank after the Street was disappointed by the lenders' weak Q1 update.
Sensex dropped over 500 points to 79,505, while the Nifty50 fell 183 points to slip below the 24,200 mark.
From the Sensex pack, Infosys, JSW Steel and ICICI Bank rose up to 0.5% while HDFC Bank, M&M and Tata Steel traded in the red.
Nifty Bank, Auto, Financial Services, Private Banks and Consumer Durables began the day in red with a loss of up to 0.85%.
Among individual stocks, HDFC Bank shares tumbled over 3% to Rs 1,665 after the company announced its Q1FY25 updates wherein a flat growth and a decline in the CASA were reported.
Kaya continued its upward streak on the second day following the update on the company's collaboration with Marico. The stock rose 10% in an early trading session.
Expert views
«In Thursday’s session, FIIs were net buyers at Rs. 2576 crores, while DIIs sold Rs. 2375 crores. Nifty is expected to trade between 23500-24500, with significant resistance at 24400 due to high Call open interest. The US Nonfarm Payrolls report, due at 6:00 PM IST, is anticipated to show 195k new jobs, a steady 4.0% unemployment rate, and slowing wage growth at 3.9% y/y, indicating a cooling labour market and potential for Fed rate cuts,» said Prashanth Tapse, Senior VP (Research) at Mehta Equities.
«FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected today. If the jobs data show a loosening labour
