India’s stock markets are scheduled to reopen Wednesday after Dussehra, with Monday’s broad decline and results from three private banks framing the next domestic trading session.
On Oct. 19, the National Stock Exchange (NSE) put the Nifty 50 at 22,888.95, down 257.20 points, or 1.11%, and below 22,900. BSE Index Services recorded the Sensex at 73,852.90, a loss of 876.37 points, or 1.17%.
The decline extended across the market. Of 3,664 securities traded on the NSE Monday, 2,717 fell, 846 rose and 101 were unchanged. The Nifty Midcap 100 lost 1.09%, while the Nifty Smallcap 100 dropped 1.01%.
Axis Bank shares fell 4.19%, the steepest drop among the three private lenders. Its standalone profit for the quarter ended Sept. 30 rose 38% from a year earlier. Axis reported a 3.36% net interest margin; excluding the effect of specified foreign-currency deposits, the measure was 3.47%.
HDFC Bank shares declined 2.31% as the bank reported 4.7% growth in standalone quarterly profit. Treasury trading gains were ₹7.8 billion, compared with ₹23.9 billion in the year-earlier quarter.
ICICI Bank’s stock lost 1.15%, although standalone quarterly profit increased 20.1% from a year earlier. Its net interest margin was 4.18% for the September quarter, compared with 4.36% for the June quarter. State Bank of India moved in the opposite direction, gaining 1.15%.
Vinod Nair, head of research at Geojit Investments Limited, linked pressure on private lenders to quarterly earnings and concerns about margins in comments reported by The Economic Times. His assessment is market commentary; the exchange figures show the share moves but do not establish their cause.
Technology shares also declined. The Nifty IT index fell 1.28%, and Infosys shares dropped 2.63%.
At 12:52 p.m. ET Tuesday (10:22 p.m. IST), the near-month GIFT Nifty future stood at 23,055.5, up 121 points, or 0.53%. That offshore futures quote was recorded a day after the Nifty’s domestic cash-market close.
Following the Dussehra equity-market holiday, the NSE’s next regular equity session is scheduled to begin at 11:45 p.m. ET Tuesday (9:15 a.m. IST Wednesday).
