Markets end lower; Bank Nifty, Financial stocks drag

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

May 22, 2020 10:05 IST India Infoline News Service

Equity benchmark indices snapped three day’s rally amid weak global cues and rising covid-19 cases in the country. The S&P BSE Sensex ended today's session down 0.84% or 260 points at 30,672 and the Nifty50 index ended 67 points lower at 9,039.

The Nifty slipped below the crucial 9,000 mark in the morning trade with banks and financial stocks tumbling after the RBI governor Shaktikanta Das further extended the loan repayment moratorium for another three months up to August 31, 2020.

Among sectoral indices, the Nifty Bank ended lower over 2%, while the Nifty IT and Nifty Media index held on to gains of over 1%.

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

RBI Governor Das said that the GDP growth in India in 2020-21 is estimated to remain in the negative territory with a pick-up in growth impulses in the second half. However, these depend on the trajectory of the pandemic.

Asian markets fell on Friday after China said it would impose new national security legislation on Hong Kong — sparking a warning from US President Donald Trump that Washington would react “very strongly” against an attempt to gain more control over the former British colony.

Reacting to this news, Hong Kong's Hang Seng index fell more than 5% to a seven-week low, Japan's Nikkei slipped 0.8%, while US stock futures fell almost 1% pointing to a weak open for Wall Street.

Related Story