Sensex falls, poised for third day of decline

REUTERS - Indian shares fell for a third straight session as disappointing quarterly earnings weighed, including by Adani Ports that slumped nearly 10 percent, while regional markets languished due to global growth and deflation worries.

Disappointing manufacturing surveys from China and the UK, combined with downgrades to growth and inflation forecasts from the European Commission soured investor mood.

Domestic sentiment remained subdued as earnings results turned more negative. Among companies due to post results this week were Hero Motorcorp and Wockhardt Ltd .

"I think better results are already out of the kitty and the initial euphoria on earnings is now fading. So the pressure will persist on the markets on account of results," said U.R. Bhat, managing director of Dalton Capital, a unit of U.K. investment management firm Dalton Strategic Partnership.

 

The broader NSE Nifty was down 0.06 percent at 7,742.14 as of 0626 GMT, after falling 1.3 percent in the previous two sessions.

The benchmark BSE Sensex was 0.14 percent lower at 25,195.45.

Adani Ports and Special Economic Zone slumped 9.6 percent on disappointment over its January-March earnings.

Among gainers, Kotak Mahindra Bank rose 1.5 percent. The lender surpassed ICICI Bank to emerge as the 3rd most valued bank as its market valuation soared to 1.3 trillion rupees.

BASF India jumped 4 percent after the chemicals company reported strong March-quarter results.

(Reporting by Aastha Agnihotri in Bengaluru; Editing by Biju Dwarakanath)