Tuesday, 6 June 2023
Stock Market

As HDFC Bank Volatility Reverses Losses, the Sensex, Nifty

In trading on Thursday, shares of ICICI Prudential Life Insurance were up 5.43% to Rs 404.75 a share. With effect from June 19, 2023, Anup Bagchi, who is now an executive director at ICICI Bank and a non-executive director of the firm, would succeed N.S. Kannan in the role of MD & CEO for a period of five years in a row.

To raise money for its partial debt repayment, Sumitomo Wiring Systems sold a 3.4% share in Samvardhana Motherson International in a bulk transaction. The transaction will lower Sumitomo Wiring Systems’ ownership of Samvardhana Motherson International to 14.32%.

Nifty and the Sensex

On Thursday, the majority of the equities of Adani Group companies saw gains. The stock prices of NDTV Ltd., Adani Power Ltd., Adani Wilmar Ltd., and Adani Total Gas Ltd. fell.

In trading on Thursday, shares of metal businesses fell, and the NSE Nifty 50 was down by 0.16% overall. In trading, the NSE Metal Index fell 2.79%. Thirteen of the 15 components decreased, while Hindustan Zinc Ltd. and Adani Enterprises Ltd. increased in trade.

  • Shares of ICICI Prudential Life Insurance were up 5.43% to Rs 404.75 a share.
  • The majority of the equities of Adani Group companies saw gains.
  • Indian equities benchmarks decreased at the market opening in response to erratic global cues.

Around 2% of stocks fell in trade, including those of Vedanta Ltd., Hindalco Industries Ltd., Tata Steel Ltd., National Aluminium Co., Welspun Corp. Ltd., SAIL Ltd., and Jindal Steel and Power Ltd.

Indian equities benchmarks decreased at market open on Thursday in response to erratic global cues. On Wednesday, the major indices reached their lowest levels since October 2022 as they declined for a sixth straight day.

In response to Credit Suisse Group AG’s announcement that it will borrow money from Switzerland’s central bank and attempt to repurchase debt, European and American market futures rose, Asian stocks reduced losses, and treasuries declined on Thursday.

Futures for the Euro Stoxx 50 index increased more than 2% as investors’ anxiety was reduced by the Credit Suisse news. Swiss National Bank will lend it up to 50 billion francs ($54 billion) from a liquidity facility and buy back up to three billion francs of dollar and euro debt.

The NSE Nifty 50 was 22 points or 0.13% lower at 16,950.65 as of 9:23 a.m., while the S&P BSE Sensex was down 21 points or 0.04% at 57,534.96.

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