Indian Indices Trade Lower; ICICI Bank & Axis Bank Top Losers

Fri, 24 Jul 12:30 pm

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Share markets in India are presently trading on a negative note, following weakness in Asian peers amid tensions between the US and China.

Sectoral indices are trading on a negative note with stocks in the banking sector and metal sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 267 points (down 0.7%), at 37,850 levels.

Meanwhile, the NSE Nifty is trading down by 93 points (down 0.8%).

The BSE Mid Cap index is trading down by 0.8%. The BSE Small Cap index is trading down by 0.5%.

The rupee is trading at 74.84 against the US$.

Gold prices are currently trading down by 0.1% at Rs 50,685.

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Moving on, market participants are tracking Reliance Industries share price.

Shares of the company rose over 4% today after reports stated that Amazon is in talks to buy a 9.9% stake in the retail arm of Reliance Industries.

Reportedly, Amazon wants a preferred, strategic stake in Reliance Retail for JioMart.

In news from the banking sector, Axis Bank and HDFC Bank are among the top buzzing stocks today.

The Insurance Regulatory and Development Authority of India (Irdai) has communicated to Axis Bank and Max Financial Services, which entered into an agreement in April whereby the lender would have increased its stake in life insurance company Max Life promoted by Max Financial Services.

Irdai has asked them to factor in some alternate mechanisms subject to regulatory approvals.

Reportedly, there's a clause in the deal that says that after a little over five years, the entity will go for a listing on the bourses. However, if the listing does not happen, Axis Bank would swap the unlisted Max Life's 30% holding with the listed entity Max Financial Services, depending on the swap ratio.

Further, if even that is not possible, then Axis Bank would have a put option to sell its shares in Max Life at a pre-determined price to Max Financial.

Irdai has raised objections to these options included in the deal.

Axis Bank was looking to buy additional 29% in Max Life Insurance for an estimated price of Rs 15.9 billion, raising its holding in the insurer to 30% after the completion of the deal.

As per the deal, Max Financial Services would have held the remaining 70% in the joint venture.

Axis Bank share price is presently trading down by 3.4%.

In other news, the Reserve Bank of India (RBI) has asked HDFC Bank to provide details of an internal investigation into allegations of improper lending practices in its vehicle-financing operation.

The RBI is also seeking information on steps taken by HDFC Bank to remedy any issues identified during the investigation.

The private lender's MD Aditya Puri said on Saturday that the inquiry was triggered by a whistle-blower and uncovered "personal misconduct" by some of the bank's employees.

"Based on internal inquiry findings, appropriate action was taken against a set of employees in the auto loan business segment for their act of personal misconduct," Puri said during the investor call that followed the bank's latest earnings report.

Earlier, it was reported that HDFC Bank has fired at least six senior and mid-level officials after an internal probe on the allegations of "improper lending practices" and "conflict of interest".

The probe reportedly found that the bank's car loan customers were given GPS devices by bundling them in auto loans without their knowledge. These executives apparently sold the GSP devices with auto loans to achieve sales targets from the years 2015 to 2019, and allegedly to track customers in case of loan default.

The vehicle financing unit had outstanding loans of nearly Rs 1.2 trillion as of June 30, 2020.

HDFC Bank is bracing for a leadership change with Puri set to step down after 26 years at the helm. He will retire when he turns 70 in October under RBI rules that restrict the age of top bank executives.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers