Business

Equity indices dip ahead of Q4 GDP data, Axis Bank slips 2.8 pc

ANI | May 29, 2020 10:18 AM
Axis Bank down by 2.8 pc on Friday morning at Rs 379.95 per share.

Mumbai (Maharashtra) [India], May 29 (ANI): Equity benchmark indices were on a low swing during early hours on Friday ahead of the release of GDP data for January to March quarter (Q4 FY20).

The data is expected to reflect a slowdown in the economy as COVID-19 pandemic has severely hit consumer demand and private investments.

Market sentiment was weak following losses in Asian peers amid rising tensions between the United States and China.

At 10:15 am, the BSE S&P Sensex was down by 177 points or 0.55 per cent at 32,023 while the Nifty 50 edged lower by 20 points or 0.21 per cent at 9,470.

Sectoral indices at the National Stock Exchange were mixed with Nifty private bank down by 1.9 per cent, financial service by 1.6 per cent and PSU bank by 1.4 per cent. But Nifty pharma moved up by 2 per cent and FMCG by 0.8 per cent.

Among stocks, private banks suffered with Axis Bank down by 2.8 per cent at Rs 379.95 per share. Kotak Mahindra Bank slipped by 2.2 per cent, HDFC Bank by 2.1 per cent and ICICI Bank by 1.4 per cent

Metal majors Tata Steel and Hindalco were down by 1.8 per cent and 1.3 per cent respectively while Tata Motors skidded by 2.1 per cent. The other prominent losers were Adani Ports and Bajaj Finance.

However, those which gained were Bharti Infratel, Bajaj Auto, UPL, Cipla and Dr Reddy's.

Meanwhile, Asia's stock markets pulled back as investors awaited the US response to China's parliament pressing ahead with national security legislation for Hong Kong.

MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.3 per cent and Japan's Nikkei retreated from a three-month high. Hong Kong's Hang Seng was 0.4 per cent lower in early trade. (ANI)

Have something to say? Post your comment
Must Read
Under Ghar-Ghar Rozgar Mission, Sunder Sham Arora distributes 38 e-rickshaws worth Rs. 50 lakh to needy women
Under Ghar-Ghar Rozgar Mission, Sunder Sham Arora distributes 38 e-rickshaws worth Rs. 50 lakh to needy women
Batala Migrant labourer commits suicide due to economic hardship amid Covid-19
Batala Migrant labourer commits suicide due to economic hardship amid Covid-19
Best performing districts honoured under family planning program on ‘World Population Day’
Best performing districts honoured under family planning program on ‘World Population Day’
Citing Covid situation, Punjab CM writes to PM urging review of UGC guidelines on exams
Citing Covid situation, Punjab CM writes to PM urging review of UGC guidelines on exams
In view of water accumulation on roads, Bharat Bhushan Ashu takes round of city & issues necessary instructions
In view of water accumulation on roads, Bharat Bhushan Ashu takes round of city & issues necessary instructions
DC directs health department to start using new Rapid antigen testing kits for all symptomatic and SARI patients
DC directs health department to start using new Rapid antigen testing kits for all symptomatic and SARI patients
Lood protection works to be completed by next week-DC
Lood protection works to be completed by next week-DC
Monty Sehgal appointed as BJP state executive member
Monty Sehgal appointed as BJP state executive member
Education Department starts "On Line District level Grievances Redressal Meetings"
Education Department starts "On Line District level Grievances Redressal Meetings"
Banks NPAs set to rise, must raise capital to build resilience: RBI Governor
Banks NPAs set to rise, must raise capital to build resilience: RBI Governor
Entire top brass of Jalandhar administration to be quarantined as secretary RTA detected Corona positive
Entire top brass of Jalandhar administration to be quarantined as secretary RTA detected Corona positive
COVID-19 biggest test of financial system's resilience: RBI Governor Das
COVID-19 biggest test of financial system's resilience: RBI Governor Das