Indian shares open lower, dragged by banking stocks
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 08 2024
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Source: reuters
- Indian Stock Market Opening: Indian shares opened slightly lower due to weak banking stocks following Bank of Baroda's quarterly update.
- Indices Performance: NSE Nifty 50 was down 0.1% while S&P BSE Sensex dropped 0.2% in early trading.
- Banking Sector Decline: The bank index fell by 0.5%, with Bank of Baroda losing 3.5% after reporting soft loan growth for the June quarter.
- Analysts' Comments: Nomura analysts noted that both loans and deposits growth in the June quarter were below expectations, awaiting further clarity from results.
- Sectoral Indexes Performance: Apart from financials, all other nine sectoral indexes saw gains, with consumer companies like Dabur, Marico, and Adani Wilmar showing revenue growth in the first quarter.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
