SENSEX snaps three-day winning streak, NIFTY50 ends below 24,250 dragged by HDFC Bank, Axis Bank

The Indian equity benchmarks ended lower on Monday, July 20, as spike in crude oil and weaker than anticipated earnings posted by HDFC Bank, Axis Bank and Kotak Mahindra Bank dented investors' sentiment towards equities, analysts noted. The SENSEX fell as much as 783 points and NIFTY50 index touched an intraday low of 24,136 before staging a partial recovery in noon deals.

The SENSEX ended 443 points lower at 77,708.52 and NIFTY50 index dropped 96 points to close at 24,238.

Brent crude futures advanced as much as 3.75% to $91.41 per barrel.

Back home, seven of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended lower led by the NIFTY Private Bank index's 2.3% fall. NIFTY Bank, Financial Services, Auto, IT and Realty indices also closed lower.

On the flip side, PSU bank, pharma, metal, FMCG, consumer durables and healthcare shares witnessed buying interest.

Broader markets ended mixed as NIFTY Midcap 100 index advanced 0.6% and NIFTY Smallcap 100 index advanced 0.2%.

Among the individual shares, Indian Overseas Bank jumped as much as 4.87% to hit an intraday high of ₹35.50 after reported a net profit of ₹1,659 crore in the first quarter of current financial year, marking an increase of 49% from ₹1,111 crore in the same period last year. The sharp jump in profit came on the back of lower provisions for bad loans and a healthy loan growth during the quarter.

Punjab National Bank rose as much as 5.77% to hit an intraday high of ₹111.90 after it reported 213% jump in net profit at ₹5,253 crore in the first quarter of current financial year.

Axis Bank and HDFC Bank were top losers in the NIFTY50 index, both the stocks ended over 5% lower after their June quarter earnings failed to impress investors.

Maruti Suzuki, Kotak Mahindra Bank, Jio Financial Services, Infosys, TCS, Mahindra & Mahindra, Reliance Industries and IndiGo were also among top losers in the NIFTY50 index.

On the other hand, Bharti Airtel, State Bank of India, Ultratech Cement, Max Healthcare, HCL Technologies, Sun Pharma and JSW Steel were top gainers in the NIFTY50 index.

The overall market breadth was positive as 1,799 shares ended higher while 1,501 closed lower on the NSE.