Sensex and Nifty End Lower After Failing to Hold Opening Gains
Key Takeaways
- •The BSE Sensex and NSE Nifty 50 ended lower after giving up their opening gains during the session.
- •Axis Bank and HDFC Bank were among the top gainers on the Nifty as banking stocks supported the market.
- •RBL Bank and IDFC First Bank rose up to 5% after reporting strong FCNR deposit inflows.
- •FCNR deposits are foreign-currency term deposits held by overseas Indians, and strong inflows improve banks' foreign currency funding position.
- •Banking and financial services stocks carry significant weight in both benchmark indices, often cushioning broader market declines.
Indian equity benchmarks the BSE Sensex and the NSE Nifty 50 ended lower after giving up their opening gains during the session.
Banking stocks provided support to the market through the day, with Axis Bank and HDFC Bank among the top gainers on the Nifty. Banking and financial services stocks carry significant weight in both benchmark indices, so strength in this group often cushions broader market declines. RBL Bank and IDFC First Bank rose up to 5% after reporting strong FCNR (Foreign Currency Non-Resident) deposit inflows. FCNR deposits are term deposits held by overseas Indians in foreign currencies such as the US dollar, and strong inflows into them improve banks' foreign currency funding position.
The Sensex is the benchmark index of the Bombay Stock Exchange, comprising 30 large-cap stocks, while the Nifty 50 is the National Stock Exchange's benchmark index of 50 large-cap companies. Both indices are the most widely tracked gauges of Indian equity market performance.
Source: CNBC-TV18
