Indian shares open lower, dragged by banking stocks
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 08 2024
0mins
Should l Buy ?
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.
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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.
