Indian shares buck broader Asian gains as HDFC Bank drags

Business Recorder reported that Indian benchmark shares slipped on Thursday and trailed a broader rise across Asia, where technology stocks gained after Nvidia beat earnings expectations. The Nifty 50 closed 0.48% lower at 24,090.85, while the BSE Sensex finished 0.7% down at 76,933.59. Both indexes are down roughly 0.7% and 0.8% this week, putting them on track for a third straight weekly loss.

HDFC Bank, the largest weight in the index, fell 2.2% to its weakest level in roughly two and a half years and dragged on the wider market. A securities lawsuit filed in the United States names the lender and two senior executives, and alleges illegal payments totalling $4.7 million to Maharashtra State Road Development Corporation to win large deposits. Attention is also on the renewal of CEO Sashidhar Jagdishan, whose term ends in October. Macquarie said a brief extension would keep succession doubts alive, whereas a three-year term could settle that concern.

Falling oil prices offered some support, with Brent crude near $88 a barrel, while Qatar's prime minister was due in Tehran on Thursday in an attempt to revive peace talks between the U.S. and Iran. Losses spread across eleven of the 16 major sectors, whereas smaller companies ended the session unchanged. ICICI Prudential AMC dropped 4% after its promoter, Prudential Corporation, sold a 2% holding to comply with shareholding requirements.