HDFC, HDFC Bank weigh on Indian shares amid weak global cues
declined over 5.5% each after MSCI said it included the merged entity of the two companies in its large-cap index, but with an adjustment factor of 0.5.
Nuvama Research estimated this would lead to an outflow of $150 million to $200 million from the entity. "The event is one-time, but the businesses of HDFC and HDFC Bank are perpetual," said Avinash Gorakshakar, head of research at Profitmart Securities, adding that the fall in the shares is temporary.
Analysts expected Nifty 50 to consolidate after the recent rise on strong March-quarter earnings, but added that monsoons would be a key monitorable in the near term. "If monsoons are poor, it will spark a slide in markets due to adverse impact on the country's predominantly agri-linked economy and consumption," Gorakshakar added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HDFC, HDFC Bank weigh on Indian shares amid weak global cuesIndian shares declined on Friday, dragged by high-weightage financials and weak global cues, after the European Central Bank hiked rates and fears over the U.S. banking sector worsened with the collapse of PacWest Bancorp.
Read more »
More regional bank stocks slide, but deposits aren’t fleeingPacWest Bancorp is the latest regional financial institution to come under pressure amid rising interest rates.
Read more »
Indian American businessman Ajay Banga is the new president of the World Bank | CNN BusinessThe World Bank's board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises.
Read more »
Fed data shows failed bank First Republic was key central bank borrowerFederal Reserve data on Thursday showed a large part of the central bank's emergency lending activities in recent weeks were tied up with the now-shuttered First Republic Bank.
Read more »
PNC Bank closes 2 N.J. branches in Stop & Shop locationsPNC Bank closed two New Jersey branches of its bank located inside Stop & Shop grocery stores
Read more »
US Banking Industry in Turmoil: A Comprehensive Look at the 'Great Consolidation' and Largest Bank Failures of 2023 – Finance Bitcoin NewsData shows the combined assets of First Republic Bank, Silicon Valley Bank, and Signature Bank outpaced the top 25 bank failures of 2008. Economics Finance
Read more »