Indian indices pared opening gains to end in the red on Monday as bank stocks turned negative dragged by ICICI Bank, Kotak Bank, and HDFC twins. The Senex ended 81 points lower at 31,561, while the Nifty fell 12 points to settle at 9,239.

Share Market Live

NSE

Meanwhile, Asian shares rose on Friday as investors focused on US-China trade talks and solid corporate earnings rather than data later on Friday expected to show the worst US unemployment rate in decades.

Nifty Bank and Nifty Fin Services fell over 1.5 percent each as the sector is expected to suffer a fresh bout of bad debt as the coronavirus crisis causes defaults.

About Rs 4.4 lakh crore ($58 billion) of corporate loans could default in the next 12 months due to the COVID-19 crisis, the Indian arm of Fitch Ratings has estimated, according to Macquarie Research.

Among other sectors, Nifty Auto surged the most, up 4 percent, while Nifty IT and Nifty Metal rose over 1 percent each.

Hero MotoCorp, Tata Motors, Bajaj Auto, Bharti Infratel and Maruti were the top gainers on the Nifty50 index, while ICICI Bank, Dr Reddy's, BPCL, Kotak Bank and HUL led the losses. Market breadth mildly in favor of declines with the advance-decline ratio at 1:1.

ICICI Bank shares over 4.5 percent after India's third-largest private sector lender reported that its slippages have risen and over 30 percent of its loan book has availed the moratorium for repayment of loans, in Q4FY20.

IRCTC rose 5 percent as the company will open bookings for select passenger trains as announced by the Indian Railways on Sunday.

VIP Industries rallied over 10 percent after ace investor Rakesh Jhunjhunwala increased his stake in the company to 5.31 percent in the March quarter from 5.11 percent in Q3FY20.

Shares in oil-to-telecoms conglomerate Reliance Industries crosses Rs 10 lakh crore market capitalistion in intra-day deals after it unveiled another investment into its digital arm. However, it ended below that at Rs 9.9 lakh crore.

First Published:May 11, 2020 3:37 PM IST