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Indian stock markets fell on Monday, weighed by HDFC Bank on lower-than-expected earnings and other financial stocks in Nifty 50. The benchmark Sensex closed 1.10% down at 52553.40. The Nifty 50 fell 1.07% to 15752.40. The Nifty bank index fell 1.88% to 672.60. Most stocks in the Nifty 50 closed in red.
Top losers were HDFC Bank (-3.37%), HDFC Life Insurance (-2.77%), IndusInd Bank (-2.72%), HDFC (-2.18%) and Hindalco (-2.11%).
The Indian Rupee depreciated to 74.87 against the U.S. Dollar.
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Specialty chemical maker Clean Science and Technology Ltd. had a bumper opening on its stock debut. It started trading at Rs. 1,784.40, 98.2% higher than its issue price of Rs. 900 per share. It closed 76.14% higher at Rs. 1585.25.
Just Dial, which is being acquired by Reliance Retail Ventures, fell 5.09% to Rs. 1018.15.
Among shares in Nifty 50, top gainers were NTPC (1.93%), BPCL (1.32%), Divislab (1.05%), Nestle India (0.56%) and Tata Consumer (0.33%).
Shares of Adani Group companies fell between 1.07% to 4.77%, after reports emerged that Sebi is investigating some firms of the conglomerate over regulatory non-compliance of rules. Adani Transmission was worst hit among them and it ended 4.77% lower.
HDFC Life Insurance posted a 33% year-on-year fall in its first-quarter net income to Rs 302 crore as the company raised reserves for excess mortality. New business margins in this quarter have seen an improvement on a sequential and year-on-year basis on the back of growth and balanced product mix. The new business margin for Q1 FY22 stood at 26.2%, higher than 24.3% delivered in Q1 last year and 26.1% in full year FY21, with value of new business at Rs. 408 crore, a growth of 40% over last year. The company’s shares closed lower 2.77% to Rs. 678.70.