The SENSEX Index Closes 0.53% Lower

India’s BSE Sensex edged lower about 0.1% to 77,599, following losses in the previous session as investors remained cautious amid rising crude oil prices and renewed geopolitical tensions in the Middle East. The benchmark index later edged lower, weighed down by HDFC Bank, the heaviest stock on the benchmarks, which fell another 1.1% after tumbling 5.1% on Monday, its biggest one-day decline in four months. The HDFC Bank extended losses after delaying the renomination process for CEO Sashidhar Jagdishan pending an independent board review before a submission to the Reserve Bank of India. Among individual stocks, MTAR (-5.0%), Rallis (-2.7%), Kalyan Jewellers (-2.0%), and HDFC Bank (-1.1%) declined. On the upside, Karur Vysya (7.4%), Diamond Power (7.3%), Bhansali Engineering (6.9%), Action Construction Equipment (6.8%), and Jaiprakash Power (6.1%) posted strong gains.

Indian stocks closed sharply lower on Monday, tracking the losses from Wall Street on Friday and pressured by more macroeconomic risks to India. The S&P/BSE Sensex fell 0.6% to 77,709 and the NSE Nifty 50 dropped 0.4% to 24,239. Banks led the losses in the session, pressured by higher credit costs and more capital outflows from India due to fresh pressure on the rupee. Another session of increases in oil prices lifted expected capital outflows as energy importers transact in dollars, limiting foreign exposure to Indian stocks. The Kotak Mahindra Bank fell 2.1%, while Axis Bank and HDFC Bank lost more than 5% after both holding companies reported their earnings for the June quarter. Meanwhile, a fresh selloff for tech companies in the US was felt in Mumbai due to the large exposure of North American clients for Indian companies. TCS and Infosys both closed 0.6% lower.

The SENSEX Index fell 413 points or 0.53 percent on Monday to close at 77738 points. Leading the losses are Axis Bank (-5.37%), HDFC Bank (-5.08%) and Kotak Mahindra Bank (-2.12%). Top gainers were Power Grid (1.96%), Nestle India (1.81%) and NTPC (1.65%).