Kotak Bank drags Sensex 200 points lower; Nifty below 22,400
Kotak Mahindra Bank after the Reserve Bank of India barred the lender from taking on new clients digitally.
The BSE Sensex was trading 187 points or 0.25% lower at 73,668. Nifty50 was trading at 22,345, down 57 points or 0.26% at around 9.19 am.
Kotak Mahindra Bank led the Sensex pack in losses, plummeting by 10% after RBI prohibited the private lender from acquiring new customers via its online and mobile banking platforms.
Furthermore, HUL shares dipped over 1% after the company's earnings report, which revealed a 6% profit decline in Q4, missing estimates.
Meanwhile, LTI Mindtree shares slipped over 2% in early trade as the company reported lower-than-expected revenue for the March quarter, impacted by weakness in its banking vertical and reduced client spending.
On the sectoral front, Nifty Bank, Financial Services, FMCG, Realty, and Consumer Durables started the day with declines, whereas Nifty Media, Pharma, PSU Bank, and Healthcare began with gains.
Additionally, investors are eagerly anticipating the release of first-quarter U.S. gross domestic product (GDP) data later today, as they seek insights into the future rate trajectory of the U.S. Federal Reserve.
Experts View
«The overarching trend of this market is its bullishness despite negative triggers. The rising bond yields in the US ( the 10-yr continues above 4.6%) and geopolitical tensions are not impacting the market at all. There are reports of Israel striking some sites linked to Hezbollah, but these will be ignored by the market unless it
