The domestic equity benchmarks traded with limited losses in the mid-morning trade. The Nifty traded below the 24,350 mark. Bank shares slipped for the third consecutive trading sessions. At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 364.25 points or 0.43% to 79,802.63. The Nifty 50 index shed 81.50 points or 0.33% to 24,332.45. In the broader market, the S&P BSE Mid-Cap index shed 0.27% and the S&P BSE Small-Cap index rose 0.02%. The market breadth was positive. On the BSE, 1,936 shares rose and 1,754 shares fell. A total of 138 shares were unchanged. Buzzing Index: The Nifty Bank index fell 1.15% to 50,724.95. The index declined 2.97% in the three trading sessions. Axis Bank (down 6.36%), ICICI Bank (down 2.29%), AU Small Finance Bank (down 2.03%), IDFC First Bank (down 0.89%), State Bank of India (down 0.85%), Bank of Baroda (down 0.78%), IndusInd Bank (down 0.55%), Federal Bank (down 0.16%) edged lower. On the other hand, Kotak Mahindra Bank (up 0.81%) ,Punjab National Bank (up 0.71%) and HDFC Bank (up 0.46%) added. Axis Bank tumbled 6.36%. The bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24. Stocks in Spotlight: Craftsman Automation slipped 2.68%. The company reported 28.6% fall in consolidated net profit to Rs 53.19 crore in Q1 FY25 from Rs 74.48 crore in Q1 FY24. Net sales increased by 10.9% year-over-year (YoY) to Rs 1,151.19 crore in the first quarter of 2024-25. JK Paper fell 6.99% after the company's consolidated net profit tumbled 54.73% to Rs 139.72 crore in Q1 FY25 as against Rs 308.67 crore posted in same quarter last year. Revenue from operations rose 8.16% year on year (YoY) to Rs 1,713.65 crore in the quarter ended 30 June 2024. Larsen & Toubro (L&T) added 1.44% after the EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24. Global Markets: Asian markets declined on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings. The US market suffered a significant setback, with the S&P 500 plunging 2.3% ' its worst day since December 2022. This marked the end of the longest period without a 2% drop since the 2008 financial crisis. The tech-heavy Nasdaq 100 plummeted 3.64%, dragged down by its largest components. Alphabet Inc. fell 5% after revealing higher-than-expected spending on its AI initiatives. Tesla Inc.'s stock plunged 12% following a disappointing profit report and delay of its robotaxi service. Nvidia Corp. also dropped 6.8%. The slump in the Magnificent Seven tech giants triggered a broad market sell-off. The Dow Jones Industrial Average also declined 1.25%. Powered by Capital Market - Live News |