Local stocks reversed early gains and sink in negative zone amid volatility. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 40.98 points or 0.11% at 38,922.86. The Nifty 50 index was down 16.40 points or 0.14% at 11,571.95. Asian stocks were trading lower.
The S&P BSE Mid-Cap index was down 0.24%. The S&P BSE Small-Cap index was up 0.1%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 564 shares rose and 517 shares fell. A total of 56 shares were unchanged.
The market sentiment was affected by provisional data showing that domestic and foreign funds, both, were net sellers of Indian equities yesterday, 23 October 2019. The trading activity showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 557.50 crore, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 985.47 crore, as per provisional data.
Among stocks, Axis Bank rose 1.27%. Axis Bank reported net loss of Rs 112.08 crore in Q2 September 2019 as compared to net profit of Rs 789.61 crore in Q2 September 2018. Total income rose 21.14% to Rs 19333.57 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Asian Paints rose 0.38%. The company's consolidated net profit rose 67.5% to Rs 823.41 crore on 10.3% rise in total income to Rs 5171.20 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Bajaj Finserv rose 1.55%. The company's consolidated net profit rose 70.98% to Rs 1203.72 crore on 46.67% rise in total income to Rs 14224.22 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
RBL Bank lost 10%. The bank's net profit dropped 74.87% to Rs 53.42 crore on 46.42% rise in total income to Rs 2633.65 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
CEAT fell 1.73%. The company's consolidated net profit dropped 30.38% to Rs 43.98 crore on 4.53% fall in total income to Rs 1700.62 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Swaraj Engines shed 0.48%. The company's net profit rose 0.08% to Rs 25.39 crore on 9.86% fall in total income to Rs 226.16 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Overseas, Asian stocks were trading lower on Wednesday after developments on Brexit sapped risk appetite.
US stocks ended lower on Tuesday after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union.
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