Indian benchmark indices pared its morning gain in the afternoon session due to nervousness among brokers after problem in National Spot Exchange Ltd. (NSEL). NSEL has been asked by the central government not to launch new spot contracts until the government finalizes a new regulatory framework. Nifty slipped below the psychological level of 5700 but managed to end above 5700 at 5727.85 down by 14.15 points while Sensex ended at 19317.19 down by 28.51 points.
Financial Technologies Ltd slipped over 60% in a single day to hit a five-year low, after the National Spot Exchange Ltd (NSEL) suspended trading of all contracts, other than e-Series, and deferred the settlement. Shares in Multi Commodity Exchange of India, another FT-promoted entity, plunged 20% in trade to hit their fresh 52-week low.
The country's second largest private sector lender HDFC Bank has raised fixed deposit rates by 1% for maturities between 15 days to 6 months one day effective July 27. It has also increased the interest rate by 0.75% for maturity buckets less than 1 year but over 6 months one day.
Axis Bank has raised interest rate on term deposits with maturity between 14-29 days by 4% to 8%, while in case of 7-14 days the increase is by 3.5% to 7.5% on bulk deposits above Rs. 1 crore, effective today. At the same time, the bank raised interest rate by 0.5 to 2.25% across the various maturities less than one year but over 29 days.
Among the sectoral indices CNX Finance (1.36%), Bank Nifty (1.27%) and CXN Services (0.50%) were top gainers while CNX Realty (-4.36%), CNX PSU Bank (-3.56%) and CNX PSE (-2.45%) were top losers.
Out of 50 shares of Nifty index, 19 shares ended in green and 31 in red.
Top Five Nifty gainers: Axis Bank (5.62%), HDFC Bank (3.85%), HUL (3.19%), Kotak Bank (2.44%) and Powergrid (2.23%) were among top gainers of Nifty.
Top Five Nifty Losers: JP Associate (-9.82%), BOB (-8.61%), DLF (-8.51%), Ranbaxy (-8.29%) and BPCL (-6.19%) were among top losers of Nifty.
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