Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Indian Indices Trade Lower; ICICI Bank & Axis Bank Top Losers
Fri, 24 Jul 12:30 pm | Monish Vora, TM Team

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.

--- Advertisement ---
Richa Agarwal's #1 stock pick for 2021 is out

It is a little-known company that is now tapping into a Rs 4 trillion opportunity...

Setting it up to potentially deliver huge gains in the years to come.

Now, this stock has already started to move...

As the word spreads, there's a chance that this stock could move up rapidly.

Hence the urgency to act now...

Here are the full details of the company I'm talking about...

If you also want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

Speaking of stock markets, in his latest video, Rahul Shah talks about how you can make winning penny stock investments with the help of few simple ratios.

He talks about the most critical data points that are needed to make successful penny stock investments.

Tune in to find out more:

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.

Unlock Now: India's 3 Unstoppable Tech Stocks

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.

--- Advertisement ---
How to Unlock Almost 3x More Gains During the Corona Crisis...Good News...

Our top analyst Richa Agarwal just identified 5 "pandemic-proof" smallcaps that could win the war against coronavirus...

And deliver up to 50-100% gains really fast!

She has revealed the exact details of these 5 high-potential smallcaps in her latest special report...

Check It Out Now...

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

What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Indian Indices Trade Lower; ICICI Bank & Axis Bank Top Losers". Click here!

1 Responses to "Indian Indices Trade Lower; ICICI Bank & Axis Bank Top Losers"


Jul 24, 2020

I do not understand why these valuable scripts are unable to withstand/ stabilise in the market. Whether there is any other factor that is controlling the price. Being share holder of these scripts, I want to know the real cause for such variations. Such a high level private banks volatility makes us different.

Equitymaster requests your view! Post a comment on "Indian Indices Trade Lower; ICICI Bank & Axis Bank Top Losers". Click here!

Stock Market Updates

ASTER DM HEALTHCARE LTD Share Price Up by 8%; BSE HEALTHCARE Index Up 3.3% (Today's Market)

Sep 18, 2020 03:34 PM

ASTER DM HEALTHCARE LTD share price is trading up by 8% and its current market price is Rs 148. The BSE HEALTHCARE is up by 3.3%. The top gainers in the BSE HEALTHCARE Index are ASTER DM HEALTHCARE LTD (up 7.7%) and DR. REDDYS LAB (up 9.9%). The top losers are ALKEM LABORATORIES (down 0.1%) and FORTIS HEALTHCARE (down 1.6%).

DILIP BUILDCON LTD Share Price Down by 5%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Sep 18, 2020 03:34 PM

DILIP BUILDCON LTD share price is trading down by 5% and its current market price is Rs 377. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index are AIA ENGINEERING (up 7.3%) and FINOLEX CABLES (up 1.8%). The top losers is DILIP BUILDCON LTD (down 5.2%).

DR. REDDYS LAB Share Price Up by 10%; BSE HEALTHCARE Index Up 3.4% (Today's Market)

Sep 18, 2020 03:32 PM

DR. REDDYS LAB share price is trading up by 10% and its current market price is Rs 5,497. The BSE HEALTHCARE is up by 3.4%. The top gainers in the BSE HEALTHCARE Index are DR. REDDYS LAB (up 10.1%) and NATCO PHARMA (up 14.1%). The top losers are ALEMBIC PHARMA (down 1.2%) and FORTIS HEALTHCARE (down 1.4%).

ORIENT ELECTRIC Share Price Down by 5%; BSE 500 Index Down 0.0% (Today's Market)

Sep 18, 2020 03:32 PM

ORIENT ELECTRIC share price is trading down by 5% and its current market price is Rs 215. The BSE 500 is down by 0.0%. The top gainers in the BSE 500 Index are NATCO PHARMA (up 14.1%) and RAJESH EXPORTS (up 11.6%). The top losers are ORIENT ELECTRIC (down 5.3%) and ESSEL PROPACK (down 8.1%).

GUJARAT GAS Share Price Up by 6%; BSE OIL & GAS Index Down 0.2% (Today's Market)

Sep 18, 2020 03:26 PM

GUJARAT GAS share price is trading up by 6% and its current market price is Rs 322. The BSE OIL & GAS is down by 0.2%. The top gainers in the BSE OIL & GAS Index is GUJARAT GAS (up 5.5%). The top losers are BPCL (down 1.1%) and IOC (down 1.5%).

Indian Indices Trade Higher; Dr Reddy's Lab & Cipla Surge Over 8% (Today's Market)

Sep 18, 2020 12:30 pm

The BSE Sensex is trading up by 76 points, while the NSE Nifty is trading up by 41 points.

View More Indian Share Market News

Most Popular

How the 8-Year Cycle Can Help Identify Multibaggers(Fast Profits Daily)

Sep 11, 2020

This is how you can apply the greed and fear cycle in the market to pick stocks.

I Recommended this Stock over Page Industries because it's Relevant to Doubling Your Income(Profit Hunter)

Sep 7, 2020

Things are not often what they seem in the market and how you can take advantage of this.

The NASDAQ Whale Could Harm Your Portfolio(Fast Profits Daily)

Sep 7, 2020

The discovery of Softbank pushing up prices on the NASDAQ will cause volatility in the market. Stay alert!

This Could Be the Best September for Auto Stocks(Profit Hunter)

Sep 11, 2020

Here's why I think this month could be a great for auto stocks.


Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms


Sep 18, 2020 (Close)