Indian shares trade volatile; financial services stocks lead losses

Indian shares trade volatile; financial services stocks lead losses

Mumbai: After opening with gains, Indian stock markets soon turned volatile as profit booking in financial services stocks weighed on the benchmark indices.

Sensex: 19,220 –0.37%

Nifty: 5,767 –0.31%

Reliance Capital lost as much as 2% after reports suggested that Mukesh Ambani-led Reliance group might buy a stake in Bharti Axa Life Insurance. Reliance Capital runs both life and non-life insurance businesses. Investors are paring their holdings in banking stocks ahead of the RBI monetary policy review meeting next week.

Hero Honda: 1,659 –2.15%

Reliance Capital: 562 –1.81%

HDFC Bank: 2,300 –1.59%

HDFC: 706 –1.51%

Axis Bank: 1,315 –1.35%

Punjab National Bank: 1,186 –1.30%

On the sectoral level, capital goods stocks are leading the losses on the BSE. Shares of Crompton Greaves fell by more than 10% after the company reported weak March quarter earnings. While banking and automobile indices are also trading lower, healthcare index rebounded on buying in key stocks.

BSE Capital Goods: 13,217 –1.38%

BSE Bankex: 13,230 –0.60%

BSE Auto: 9,607 –0.26%

BSE Healthcare: 6,258 +1.03%

Buying in Opto Circuits, Sun Pharma, Piramal Healthcare and Ranbaxy Laboratories helped the BSE Healthcare index register gains.

Opto Circuits: 300 +2.79%

Sun Pharma: 460 +2.47%

Piramal Healthcare: 458 +2.13%

Lupin: 443 +2.08%

Ranbaxy Laboratories: 461 +1.79%