 "Sensex falls 200 points, Smallcaps outperform; Axis Bank, HDFC drag")
Benchmark indices continued to trade lower in late morning deals weighed down by weak global cues with select financials leading the decline.
By 10:53 am, the S&P BSE Sensex was down 232 points at 27,860 and the Nifty50 dipped 56 points at 8,632. Among broader markets, BSE Midcap and Smallcap indices are marginally positive, up 0.1%-0.3%.
Top losers from the Sensex pack are Axis Bank, ICICI Bank, Tata Motors, HDFC and Asian Paints. On the gaining side, Bharti Airtel, Hero MotoCorp, M&M, Bajaj Auto and Maruti Suzuki are up 1%-3%.
Axis Bank has plunged over 7% after the bank reported a sharp 83% year on year (YoY) drop in net profit to Rs 319 crore for the quarter ended September 30, 2016 (Q2FY17), due to higher provisioning of bad loans.
Asian Paints said that its board of directors approved the scheme of amalgamation of Asian Paints (International) Limited, Mauritius, wholly owned subsidiary of the company with Asian Paints. The stock has dropped by around 2%.
Shares of Tata Group companies were trading mixed with Tata Motors and Tata Metaliks falling more than 1% each, while Tata Coffee and Tata Chemicals trading 1% higher on BSE in early morning trade.
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Updated at 9:50 am
Markets have commenced the session on a weak note mirroring negative trend among global cues with Axis Bank leading the decline.
By 10:53 am, the S&P BSE Sensex was down 232 points at 27,860 and the Nifty50 dipped 56 points at 8,632. Among broader markets, BSE Midcap and Smallcap indices are marginally positive, up 0.1%-0.3%.
Top losers from the Sensex pack are Axis Bank, ICICI Bank, Tata Motors, HDFC and Asian Paints. On the gaining side, Bharti Airtel, Hero MotoCorp, M&M, Bajaj Auto and Maruti Suzuki are up 1%-3%.
Axis Bank has plunged over 7% after the bank reported a sharp 83% year on year (YoY) drop in net profit to Rs 319 crore for the quarter ended September 30, 2016 (Q2FY17), due to higher provisioning of bad loans.
Asian Paints said that its board of directors approved the scheme of amalgamation of Asian Paints (International) Limited, Mauritius, wholly owned subsidiary of the company with Asian Paints. The stock has dropped by around 2%.
Shares of Tata Group companies were trading mixed with Tata Motors and Tata Metaliks falling more than 1% each, while Tata Coffee and Tata Chemicals trading 1% higher on BSE in early morning trade.
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Updated at 9:50 am
Markets have commenced the session on a weak note mirroring negative trend among global cues with Axis Bank leading the decline.
By 9:48 am, the S&P BSE Sensex was down 185 points at 27,906 and the Nifty50 dipped 53 points at 8,638. Among broader markets, BSE Midcap and Smallcap indices are marginally positive, up 0.1%.
On Tuesday, benchmark share indices ended lower with Tata Group leading the decline after the sudden exit of Cyrus Mistry as chairman of Tata Sons weighed on investor sentiment.
"Nifty makes a Hammer after a spinning top as it continues to be indecisive mode due to dull breadth ahead of festive season. A hammer pattern is a sign of reversal, specially bullish, if found at lower pat of chart. If Nifty cannot breach 8,740 than a drag towards 8,650 - 8,450 can be seen on closing basis. For now immediate support comes at these support levels until and unless index doesn't break upward resistance line drawn from 8,968," says Mustafa Nadeem, CEO, Epic Research.
In the overseas markets, Asian shares on Wednesday followed in the footsteps of Wall Street, which pulled back overnight on disappointing earnings, while the dollar inched down from a seven-month high and oil prices extended this week's losses.
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MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.6%. Japan's Nikkei slipped 0.2%, while South Korea's KOSPI dropped 1.3% and Australia fell 1.6%. China's Shanghai Composite index pulled back 0.2%, while Hong Kong's Hang Seng lost 0.6%.
US stocks ended Tuesday down between 0.3% and 0.5%, as results and forecasts from companies in sectors including housing and consumer products missed expectations.
Back home, foreign portfolio investors (FPIs) sold shares worth a net Rs 606.34 crore yesterday as per provisional data released by the stock exchanges.
Cadila Healthcare, Dabur India, HDFC, Hero MotoCorp, Hindustan Unilever and ITC will declare July-September 2016 quarter results today.
STOCK TREND & CORPORATE NEWS
Top losers from the Sensex pack are Axis Bank, ICICI Bank, Asian Paints, Tata Motors and Dr Reddy’s Labs. Among gainers, Bharti Airtel, Hero Moto, Maruti Suzuki, ONGC and HDFC Bank are up 0.3%-2%.
Axis Bank posted a sharp 83% fall in net profit to Rs 319 crore in the September 2016, quarter from Rs 1,915 crore in the corresponding year-ago period. The provisions and contingencies rose over five times to Rs 3,622 crore, from Rs 707 crore during this period. The stock has dropped by 7%.
State Bank of India (SBI) said it has raised Rs 2,500 crore from bonds to fund business expansion. Shares of SBI are down over 1%.
Mahindra & Mahindra announced an overhaul plan for its loss-making two-wheeler business. M&M is marginally up.
Bharti Airtel reported a 4.9% year-on-year (y-o-y) drop in its consolidated net profit at Rs 1,461 crore for the quarter ended September 30, 2016, mainly on account of higher spectrum amortisation, increase in net interest costs and devaluation of Nigerian currency. The stock is up over 2%.
The Multi Commodity Exchange of India (MCX) board has decided to co-opt Prithvi Haldea as public interest director in the vacancy arising out of the completion of tenure of G Anantharaman. Shares of MCX are up around 2%.
Dr Reddy's Laboratories reported a 59% decline in consolidated net profit at Rs 295 crore for the quarter ended September, 2016 as compared to Rs 721.8 crore in the corresponding quarter of the previous year due to weak operating performance. The stock has slipped by 1%.
Reliance Industries has raised a term loan of $573 million to partially finance the construction of its six very large ethane ships, the company said in a statement on Tuesday. The stock is marginally down.
With Reuters inputs