Share Market Loss | Stir in the stock market! The country’s two biggest banks took the air of the market, crores in one day
File Pic Mumbai: It was Black Friday for the Indian stock market as Indian markets closed in the red on the last trading day of the week with top-weighted economic downturn and weak global developments. The European Central Bank has raised interest rates and the threat to the US banking sector is increasing by the day. Meanwhile, the financial sector dragged down the Nifty on Friday. Stock market crashed HDFC Bank shares and HDFC shares were trading with a fall since morning. On Friday, the BSE Sensex fell 1.13% or 694.96 points to close at 61,054.29. At the time of market closing, 10 out of 30 Sensex stocks were on the green mark and 20 stocks were on the red mark. HDFC Bank and HDFC were the top losers, while Titan and UltraTech Cement were the top gainers. On the other hand, the National Stock Exchange’s NSE Nifty fell 1.02% or 186.80 points to close at 18,069. At the same time, out of 50 stocks of Nifty, 19 stocks closed on the green signal, 30 stocks on the red signal of decline and 1 stock closed unchanged at the close of the market. Also read HDFC Bank and HDFC shares rise MSCI’s estimates of HDFC and HDFC Bank dominated the stock market. Sensex and Nifty both saw a fall of over 1%, resulting in a loss of over Rs 1.5 lakh crore to market investors. Shares of Housing Development Finance Corporation (HDFC Shares) closed at Rs 2,701.15, down 5.63% or Rs 161.20, on the BSE. At the same time, HDFC Bank shares closed at Rs 1625.35, down 5.90 per cent or Rs 101.85. The report of Nuwama Wealth Research is believed to be the main reason behind this. Index aggregator MSCI said it will use an adjustment factor of 0.50 to calculate the weightage of the merged HDFC company. This is likely to result in an outflow of $150 to 200 million (Rs 12.24 billion to Rs 16.34 billion) from the merged HDFC.