Weak start of stock market, Sensex slips 100 points

The fall in HDFC Bank shares due to the reduction in foreign capital inflows affected the domestic benchmark index. Due to this, the Sensex and Nifty were seen trading in the red in early trade on the second trading day of the week.

At 9:22 am, the Sensex was seen trading at 24,325, down 21 points or 0.09%. On the other hand, the Nifty slipped 78 points or 0.1% to 79,572 points.

Among the BSE Sensex stocks, shares of HDFC Bank, Asian Paints, Titan, Tata Motors and Bajaj Finance opened in the red. At the same time, shares of ICICI Bank, Kotak Bank, Axis Bank and Sun Pharma opened with gains.

Shares of HDFC Bank, the largest private sector bank in the country, fell by up to two percent. Despite the increase in its weight in the MSCI index, it saw a decline. According to estimates, the bank’s shares may see an inflow of $1.8 billion.

MSCI said it will change the weightage for HDFC Bank in two stages in August and November. Vodafone Idea shares also fell more than 2% after the company reported a loss of Rs 6,432 crore in Q1 FY25.

Marico shares rose nearly 3% after the consumer products maker said manufacturing operations in Bangladesh have resumed to normal levels.

On the sectoral front, Nifty Financial Services fell 0.6%, under pressure from HDFC Bank and Shriram Finance shares. Nifty Realty and Oil & Gas were also seen trading lower. On the other hand, Nifty IT, Metal, Pharma and Consumer Durables opened with gains.