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May 22, 2020 04:21 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex falls 260 pts, Nifty settles below 9,050; banks, financials suffer

Sensex closed the day 260 points, or 0.84 percent, lower at 30,672.59 while Nifty finished with a loss of 67 points, or 0.74 percent, at 9,039.25. Broader BSE Midcap and Smallcap indices closed 0.83 percent and 0.23 percent down, respectively. Among the sectors, BSE Finance and BSE Bankex lost 3 percent and 2.44 percent, respectively. On the other hand, IT and Teck indices rose 1.68 percent and 1.44 percent, respectively.

  • May 22, 2020 04:23 PM IST

    Vinod Nair- Head of Research- Geojit Financial Services: Indian benchmark indices ended negative after the RBI measures again failed to appease the markets. The RBI and the government have created good liquidity conditions, but the onus is now on the banks to act on these measures. The measures were seen to aid borrowers but could impact lenders and as such financials were the major losers today. Global cues were also negative partly driven by renewed US-China tensions.

  • May 22, 2020 04:05 PM IST

    Sumeet Bagadia, Executive Director, Choice Broking: Nifty settled its weekly closing at 9,039 level with the loss of 67 points only and managed to close above its 9,000 level which is a good sign for the time being. 

    Starting session was muted on the back of Asian markets, however afterward we saw a good rally on the hope of better announcement from the RBI, however, the bliss couldn’t last for long and we witnessed a profit booking from the day high. 

    Although, the Index, in dying hours, recovered its early losses and managed to close above 9,000 levels. The way Index has been trading and the OI data placed, we may see a bounce back movement in the index up to the level of 9,245 while downside support comes at 8,915.  

  • May 22, 2020 03:48 PM IST

    S Ranganathan, Head of Research at LKP Securities

    Markets ended in the red ahead of a long weekend as the extension of the moratorium on loans by the RBI today weighed heavily on Financials. Select pivotals like Asian Paints, however, bucked the trend as the street seems to be betting on consumers painting their houses even as it fears that they may not repay their loans.

  • May 22, 2020 03:46 PM IST

    Sanjeev Zarbade, VP-PCG Research, Kotak Securities

    Global markets were mixed during the week, while the US markets notched good gains; the Asian markets remained subdued. 

    The Hong Kong market fell 4 percent on tensions with China after reports came in that China is preparing a draft law, which could curb freedom for Hong Kong citizens. Tensions also elevated between the US and China. 

    The BSE-30 Index fell 1.3 percent in the current week as markets continue to price in a weaker macro. Most state governments have further relaxed lockdown norms in the current phase allowing gradual opening up of more districts. 

    ITC, Bharti Airtel and Tata Steel were among the top gainers while IndusInd Bank, Axis Bank and State Bank of India lost the most in the BSE-30 Index. 

    FPIs sold equities worth US$1.4 bn over the past five trading sessions while DIIs sold $906 million worth of equities in the same period. We advise investors to buy stocks with good management quality and strong balance sheets.

  • May 22, 2020 03:43 PM IST

    Market closing: Snapping the winning streak of the last three consecutive sessions, equity benchmarks Sensex and Nifty ended lower on May 22, dragged by losses in banks and financial heavyweights, including HDFC twins, ICICI Bank and Axis Bank. 

    Sensex closed the day 260 points, or 0.84 percent, lower at 30,672.59 while Nifty finished with a loss of 67 points, or 0.74 percent, at 9,039.25.

    Broader BSE Midcap and Smallcap indices closed 0.83 percent and 0.23 percent down, respectively. 

    Among the sectors, BSE Finance and BSE Bankex lost 3 percent and 2.44 percent, respectively. On the other hand, IT and Teck indices rose 1.68 percent and 1.44 percent, respectively. 

  • May 22, 2020 03:29 PM IST

    Silver futures trade near Rs 48,000: Silver rose to Rs 47,893 per kg on May 22 on escalating tension between the United States and China.

    China plans to impose new security legislation on Hong Kong, which drew a sharp warning from US President Donald Trump that it would react 'very strongly' against this attempt, Reuters reported.

    Silver holdings in iShares ETF jumped to a record high, up 246.43 tonne to 14,235.5 tonne.

    In the futures market, silver for July delivery touched an intraday high of Rs 48,040 and a low of Rs 47,052 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 34,076 and a high of Rs 49,499.

  • May 22, 2020 03:24 PM IST

    Neuland Labs Q4: Consolidated net loss came at Rs 9.3 crore for Q4FY20 against the profit of Rs 6.6 crore in Q4FY19.

    Cons revenue came at Rs 191.6 crore against Rs 172.7 crore YoY. EBITDA came at Rs 30.1 crore against Rs  18.5 crore YoY, while EBITDA margin came at 15.7 percent against 10.7 percent YoY.

  • May 22, 2020 03:12 PM IST

    Market update: Market benchmarks Sensex and Nifty are trading about a percent lower, mostly due to underperformance by banking and financial stocks. 

    HDFC twins, ICICI Bank, Axis Bank and Bajaj Finance are among the top drags, while IT players such as Infosys, Tech Mahindra and TCS are trading with decent gains. 

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