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Markets crash due to Greece crisis
Mon, 29 Jun 11:30 am

The Indian stock market has seen heavy selling pressure due to the Greece crisis. The selling pressure is highest in Banking, Auto and Pharmaceutical stocks.

The BSE-Sensex is trading down by 593 points (2.13%) and the NSE-Nifty is trading down by 181 points (2.16%). The S&P BSE Midcap index is trading down by 269 points (2.53%), while the S&P BSE Smallcap index is trading down by 280 points (2.53%). The rupee is trading at 63.92 to the US dollar. Gold and Silver are trading at Rs 26,836 per 10 grams & Rs 36,410 per kilogram respectively.

Private sector banking stocks are trading on a negative note with South Indian Bank and Karnataka Bank leading the losers. The largest private sector bank HDFC Bank Ltd has exceeded the single borrower limit as prescribed by the Reserve Bank of India. The RBI has set a cap of 15% credit exposure to a single borrower. This limit has been exceeded by the bank in respect of its credit exposure to Reliance Industries Ltd (RIL). However RBI allows the bank to enhance this exposure by a further 5%, which would take the cap to 20% in exceptional circumstances after taking approval of the Board and making proper disclosures in the annual report. The bank has said that there credit exposure to RIL is within the limits and the approval to lend excess 5% over and above 15% has been taken from the board. HDFC Bank is trading down by 2.6%.

Indian Pharma stocks are trading on a negative note with Wockhardt and Aurobindo Pharma leading the losers. Lupin is looking at strengthening its branded portfolio by creating alliances and looking for strategic brand acquisitions in US market. The US market accounts for 45% of the company's revenue in 2014-2015. The company is among the fastest growing pharmaceutical corporations in the US markets. Even due to many bottlenecks such as pricing pressure, increased generic competition, slowdown in product approvals the company has shown a strong growth in the US market. Lupin is trading down by 0.4%.

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Mar 4, 2021 03:36 PM