Share markets in India closed on a negative note yesterday. Losses were seen across most sectors with stocks in the realty sector and stocks in the banking sector leading the losses.
At the closing bell yesterday, the BSE Sensex stood lower by 430 points (down 1.3%) and the NSE Nifty closed down by 110 points (down 1%). The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down by 1.3%.
Top Stocks in Focus Today
Axis Bank share price will be in focus today as the Reserve Bank of India has slapped a Rs 30 million penalty on the bank.
From the cement sector, market participants will be tracking Ramco cement’s share price. The company has reported entering into an agreement with Ramco Industries, a Related Party, for acquisition of their clinker grinding unit situated at Kharagpur, West Bengal.
Market participants will also keep tabs on JSW Energy share price as it was yesterday reported that the company acquired JSW Electric Vehicles Private Ltd. The JSW Electric Vehicles is part of diversification strategy of JSW Energy Ltd to foray into electric vehicles, energy storage systems and charging infrastructure.
SFIO Summons Top Bankers
Banking stocks witnessed selling pressure yesterday after the Serious Fraud Investigation Office (SFIO) summoned top bankers, including ICICI Bank CEO Chanda Kochhar and Axis Bank CEO Shikha Sharma, in a case related to Rs 50 billion loan extended to Mehul Choksi’s Gitanjali Gems.
As per the news, the SFIO was said to have summoned senior executives from 31 banks with business dealings with the firms promoted by Nirav Modi and Choksi.
EU Proposes Retaliatory Tariff Against US Goods
As per a leading financial daily, the European Union (EU) has proposed to apply a tariff of 25% on a range of consumer, agricultural, and steel goods imported from the US.
The proposal is a retaliatory measure against President Donald Trump’s plan to impose a 25% tariff on foreign steel.
