Sensex slides 151 pts, bank stocks under pressure

20 Oct 2022 , 11:34 AM

The key equity indices traded with minor cuts in the mid-morning trade. Domestic sentiment was dented amid negative global cues. The Nifty traded a tad below the 17,480 level. Bank shares witnessed profit booking after rising in four consecutive trading sessions. Trading was volatile due to expiry of weekly index options on the NSE. At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 150.67 points or 0.25% to 58,956.52. The Nifty 50 index declined 32.60 points or 0.19% to 17,479.65. In the broader market, the S&P BSE Mid-Cap index fell 0.71% while the S&P BSE Small-Cap index shed 0.21%. The market breadth was negative. On the BSE, 1,456 shares rose and 1,721 shares fell. A total of 157 shares were unchanged. Buzzing Index: The Nifty Bank index declined 1.22% to 39,879.70, snapping a four day gaining streak. The index witnessed profit booking after advancing 4.53% in four trading sessions. IndusInd Bank (down 4.04%), AU Small Finance Bank (down 3.2%), Punjab National Bank (down 1.4%), State Bank of India (down 1.25%), Bank of Baroda (down 1.23%), ICICI Bank (down 1%), Federal Bank (down 0.91%), HDFC Bank (down 0.79%), Axis Bank (down 0.79%) and IDFC First Bank (down 0.7%) declined. IndusInd Bank slipped 4.04%. The private lender reported 60.5% rise in standalone net profit to Rs 1,786.72 crore on a 12.9% increase in total income to Rs 10,718.85 crore in Q2 FY23 over Q2 FY22. AU Small Finance Bank skid 3.25%. The bank reported 23% rise in net profit to Rs 343 crore on a 44% increase in net interest income (NII) to Rs 1,083 crore in Q2 FY23 over Q2 FY22. The bank said that the NII growth was aided by stable spreads and healthy disbursements. Global Markets: Most Asian stocks declined on Thursday as Wall Street ended lower amid Treasury yields at multiyear highs and strong inflation thats driving hawkish monetary policy. Wall Street closed lower on Wednesday as gloomy data and downbeat corporate outlooks tossed cold water on investor risk appetite. Minneapolis Federal Reserve President Neel Kashkari said Wednesday he sees no signs that inflation is slowing, so the central bank will need to keep raising interest rates. Powered by Capital Market – Live News