Stock Market LIVE: Sensex, Nifty at record highs led by banking stocks; HDFC AMC sees stellar debut

collected by :Haron Adler

as informed in Net profit for the June quarter stood at Rs 395.03 crore as against Rs 263.43 crore in the year-ago quarter. HDFC AMC shares rose to Rs 1,801 at day's high on BSE, as compared to issue price of Rs 1,100. Titan's standalone profit for the June quarter rose to Rs 349.17 crore from Rs 266.91 crore in the year-ago period. Read more9.25 am IST Banking stocks gain Banking stocks trade higher with Nifty Bank Index rising 0.67% and Nifty Bank 1.5%. State Bank of India rose 1.2%, ICICI Bank 1.2%, Axis Bank 1%, Indusind Bank 1%, Yes Bank 0.6%, Punjab National Bank rose 1.4%.

A Stock Market Crash With Chinese Characteristics

The last time Chinese stocks popped, in early 2015, was a classic example of Chinese market dysfunction. The bull market in Chinese stocks, which started in 2016, had better fundamental economic support—but that support is now eroding. An investor watches stock prices at a brokerage in Beijing on July 6. More cash trapped in China chasing fewer empty houses raises the probability of a less severe Chinese housing downturn this time around. AdvertisementA stock market crash—so far much smaller than in 2015—is something China can likely handle.

Facebook Just Had the Worst Day in Stock Market History

referring to Just days after hitting a fresh all-time high, the social media company saw its stock drop almost 19%, losing $120 billion in market capitalization in the process and earning the dubious record for the worst one-day loss in market value in U.S. stock market history. Facebook shares closed Thursday's session down 18.96% to $176.26, giving it a market capitalization of $510.45 billion. Facebook's market cap stood at nearly $630 billion at the close of Wednesday's session, meaning the stock lost just shy of $120 billion. No other company has ever lost 12 figures in nominal value in a single market session. Intel Corp. (INTC) previously had the record, losing almost $91 billion on Sept. 22, 2000, according to FactSet, as the dotcom bubble burst.