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Sensex Ends 194 Points Lower; Banking and Finance Stocks Witness Huge Selling
Mon, 27 Jul Closing | Monish Vora, TM Team

Indian share markets witnessed selling pressure throughout the day today, tracking weak global cues amid the ongoing US-China trade war.

On the sectoral front, banking stocks and finance stocks were among the hardest hit. Shares of ICICI Bank, Yes Bank and M&M Financial Services fell in the range of 6-10%.

IT stocks on the other hand, witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 194 points, down 0.5%. The NSE Nifty closed down by 62 points, down 0.6%.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 1%.

The SGX Nifty was trading at 11,117, down by 53 points, at the time of writing. You can read more about SGX Nifty movements here.

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Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng ended down by 0.4% while the Shanghai Composite stood higher by 0.3%. The Nikkei declined 0.2%.

The rupee is trading at 74.83 against the US$.

Gold prices are trading up by 2% at Rs 52,050 per 10 grams.

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Moving on, market participants were tracking PVR share price and Inox Leisure share price.

Shares of both multiplex operators witnessed buying interest today amid expectation that cinema halls would be opened as part of 'Unlock 3'.

The Multiplex Association of India (MAI) has urged the central government to allow operation of cinema houses in non-containment zones in the country. As the Central government's 'Unlock 2' is coming to an end on July 31, the Ministry of Home Affairs is preparing guidelines for 'Unlock 3'.

Important: Do You Own These 3 Stocks?

According to reports, the MAI is certain that cinema halls will be allowed to reopen for the public in the next phase of unlock.

Earlier the Ministry of Information and Broadcasting had proposed the reopening of cinema halls to the Ministry of Home Affairs.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to news from the banking sector, HDFC Bank was among the top buzzing stocks today.

Shares of the private lender slipped as much as 4% today after its managing director and chief executive officer Aditya Puri sold off nearly 95% of his stake in the bank valued at Rs 8.4 billion.

Puri held 0.14% stake (or about 7.8 million shares in the bank), of which he has sold 7.42 million shares between July 21 and July 23 through open market.

Puri exercised stock options of Rs 1,615.6 million during the year, according to the bank's 2019-20 annual report.

As per reports, the shares were allotted to Puri at different times, at different price points. The acquisition cost and tax have to be accounted for as well. The net amount, therefore, will be much less.

According to exchange filings, Puri exercised 3.42 million stock options at an acquisition cost of Rs 1.6 billion between October 2015 and July 2020, and sold 9.65 million shares, including last week's sale, for Rs 11.7 billion.

Aditya Puri, who is set to retire from the bank in October, has been the longest serving MD of a private bank in India. He has been at the helm of HDFC Bank for the past 26 years, since its inception in 1994.

During the bank's annual general meeting on July 18, the MD and CEO had said that his preferred successor is an internal candidate, who has spent 25 years at the lender.

As per reports, the bank has put forward names of three eligible candidates to RBI for the position of MD & CEO post retirement of Aditya Puri.

Included among the names are two of Bank's veterans - Sashidhar Jagdishan and Kaizad Bharucha, both of whom have spent over 25 years with the bank, while the third, external candidate being Citi Commercial Bank's current CEO, Sunil Garg.

HDFC Bank share price ended the day down by 3.5%.

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.

HDFC Bank's Digital Transformation

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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