Key benchmark indices extended initial losses and hit fresh intraday low in morning trade as weakness in Asian stocks weighed on sentiment. At 10:20 IST, the barometer index, the S&P BSE Sensex was down 210.99 points or 0.75% at 27,880.43. The Nifty 50 index was currently down 56.10 points or 0.65% at 8,635.20. The Sensex was currently below the psychological 28,000 mark after falling below that mark in early trade. The Sensex and the Nifty, both hit their lowest level in more than a week in morning trade.
The Sensex lost 245.02 points or 0.87% at the day's low of 27,846.40 in morning trade, its lowest level since 18 October 2016. The barometer index shed 40.87 points or 0.14% at the day's high of 28,050.55 in early trade. The Nifty lost 73.40 points or 0.84% at the day's low of 8,617.90 in morning trade, its lowest level since 18 October 2016. The index fell 34 points or 0.39% at the day's high of 8,657.30 in early trade.
In overseas stock markets, Asian stocks dropped following in the footsteps of lower closing for US stocks overnight, which pulled back on disappointing earnings.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,022 shares rose and 983 shares fell. A total of 136 shares were unchanged. The BSE Mid-Cap index was currently up 0.11%. The BSE Small-Cap index was currently up 0.18%. Both these indices outperformed the Sensex.
IT stocks declined. HCL Technologies (down 1.02%), TCS (down 0.3%), Infosys (down 0.62%), Tech Mahindra (down 0.22%) and Wipro (down 0.88%) edged lower.
Bank stocks dropped. Bank of Baroda (down 0.48%), Canara Bank (down 1.56%), Union Bank of India (down 0.81%), Punjab National Bank (down 0.99%) Syndicate Bank (down 8.28%), Indian Overseas Bank (down 0.19%), Andhra Bank (down 0.87%), Oriental Bank of Commerce (down 1.16%), Dena Bank (down 0.27%), and Indian Bank (down 1.27%), declined. Bank of India rose 0.09%.
State Bank of India dropped 1.05%. The bank said that it has issued and allotted 25,000 AT1 Basel III compliant non-convertible, perpetual, subordinated, unsecured debt instrument in the nature of debenture, of face value Rs 10 lakh each at par through private placement bearing coupon at 8.39% per annum payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 2500 crore in third tranche. The announcement was made after market hours yesterday, 25 October 2016.
Axis Bank slumped 6.6% after net profit declined 83.34% to Rs 319.08 crore on 14.14% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016. Axis Bank's net interest income (NII) rose 11% to Rs 4514 crore in Q2 September 2016 over Q2 September 2015. The bank's provisions and contingencies jumped 412.28% to Rs 3622.74 crore in Q2 September 2016 over Q2 September 2015. Axis Bank's gross non-performing assets (NPAs) stood at Rs 16378.65 crore as on 30 September 2016 as against Rs 9553.17 crore as on 30 June 2016 and Rs 4451.11 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 4.17% as on 30 September 2016 compared with 2.54% as on 30 June 2016 and 1.38% as on 30 September 2015. The ratio of net NPAs to net advances stood at 2.02% as on 30 September 2016 as against 1.08% as on 30 June 2016 and 0.48% as on 30 September 2015.
Shares of other private sector banks were mixed. ICICI Bank (down 1.9%), Federal Bank (down 0.06%), and Yes Bank (down 0.15%) declined. HDFC Bank (up 0.19%), Kotak Mahindra Bank (up 1.11%), and IndusInd Bank (up 0.07%) edged higher.
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