NIFTY50, SENSEX close flat; HDFC Bank falls 4.5% post Q1 business update

In a volatile trading session on Friday, the NIFTY50 and SENSEX closed flat. The NIFTY50 index ended the day in green, up by 0.09% or 21.70 points, while the SENSEX finished the trading session lower by 0.07% to settle at 79,996.60. Bank Nifty settled at 52,660.35, down by 0.83%. The India VIX declined by 1.24% to 12.70.

Benchmarks indices were dragged down by HDFC Bank’s 4.5% loss despite gains from Reliance and SBI. HDFC Bank’s June quarter reported muted business numbers. The upcoming budget and bank earnings will provide cues for the market this month.

Gross advances of HDFC Bank jumped 52.6% year-on-year (YoY) to ₹24.87 lakh crore in the first quarter of financial year 2024-25. However, gross advances dipped 0.8% sequentially due to 5% quater-on-quater decline in corporate loans. Fall in HDFC Bank share dragged down the NIFTY Bank index by 0.83%.

Top Gainers & Losers

Index Movers

Coming to the NIFTY50 index pullers and draggers. Reliance (+62.64 pts), SBI (+17.62 pts), L&T (+12.61 pts), Hindustan Unilever (+9.93 pts), and ONGC (+9.93 pts) were the pullers of the day. Draggers included HDFC Bank (-132.48 pts), Infosys (-7.8 pts), Titan (-5.99 pts), M&M (-5.22 pts), and TCS (-2.51 pts).

Broader indices

The broader markets outperformed the benchmark index. The Nifty Midcap 100 closed up by 0.83%, and the Nifty Smallcap 100 index gained by 0.79%. Market breadth was strong on Friday. The advancing stocks outnumbered the declining stocks.

Sectoral Indices

Among sectors, most of the indices closed on a mixed note. The top three sectoral gainers were Nifty Oil & Gas (+1.89%), NIFTY Pharma (+1.29%), and Nifty Healthcare (+1.27%). The top laggards included Nifty Financial Services (-1.00%), NIFTY Private Bank (-0.97%), and Nifty Bank (-0.83%).

Global Markets

Most Asian markets concluded the trading session on a mixed note. The Nikkei 225 declined 0.07%, the Shanghai index fell by 0.26%, and the Kospi gained 1.32%.

At 4:03 PM, the Dow Jones Futures were trading up by 6 points at 39,642.