Sensex slides 617 pts, SBI slips 2% after SC rebuke | Mumbai News – Times of India

by The Technical Blogs


MUMBAI: A slide in bank stocks dragged the sensex down by 617 points to below the record high 74,000 mark on Monday. While it was the worst day for the sensex this month, the index is still up just over 1,000 points in March.
The sensex lost 0.8% to close at 73,503, while Nifty slipped by 161 points or 0.7% to end at 22,333 on Monday. HDFC Bank, which fell 1.3%, was the biggest contributor (128 points) to the sensex’s loss on Monday.
“The sensex and Nifty witnessed profit-booking at higher levels… some buying interest were seen in select pharma and healthcare stocks,” Shrikant Chouhan of Kotak Securities said in a note.


Among bank stocks on the sensex, SBI was the top loser as it dived nearly 2% after the Supreme Court rebuked the state-owned lender for seeking more time to disclose details of electoral bonds. Foreign brokerage Bernstein also downgraded SBI’s stock due to ‘limited upside’ and expected the end of outperformance of state-owned banks in comparison to their private peers. However, CLSA, another global brokerage firm, downgraded HDFC Bank’s shares on concerns over slow pace of deposit mobilisation and margin recovery.


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