Sensex falls 80 points, Nifty tests 11,650 on poor Q1 show
Foreign portfolio investors were sellers of domestic stocks to the tune of Rs 17 crore.
At around 9:30 am, BSE benchmark Sensex traded 75 points or 0.19 per cent lower at 39,141.57 while its NSE counterpart Nifty shed 14 points or 0.11 per cent to trade at 11,674.
Shares of Yes Bank tanked nearly 15 per cent after the lender said its profit plunged 91 per cent on a yearly basis to Rs 113.80 crore in the June quarter, dented by one-off impact from mark to market provisions of Rs 1,109 crore.
Globally, Asian shares wobbled as Wall Street stocks dropped on early signs that the US-China trade war could hurt corporate earnings, helping to underpin solid demand for safe-haven US Treasuries. MSCI's broadest index of Asia-Pacific shares outside Japan was down a touch, while Japan's benchmark Nikkei fell 1.3 per cent.
Foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 17 crore on Wednesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 209 crore.
On the earnings front, Cyient, DB Corp, Larsen & Toubro Infotech, ACC, Colgate-Palmolive, Rallis India, Sterlite Technologies and Sasken Technologies are a few companies which will announce June quarter results today.
"We believe the current week’s low of 11,532 will be a key level to watch on the downside as a decisive move below that would lead to prolonged consolidation (11,650–11,450) amid stock-specific action as we enter the Q1FY20 earnings season," said ICICI Direct.
In the Nifty pack, 13 stocks gained while 37 declined. In the Sensex kitty, only seven gained while 21 fell.
ONGC, Tata Motors, HCL Tech, Vedanta and M&M besides YES Bank were other top losers among Sensex stocks, shedding up to 3 per cent.
Bharti Airtel, on the other hand, was the top gainer after the telecom major beat its rivals on premium price plans and expanded its broadband base.
HDFC, HDFC Bank and Kotak Bank were other gainers, rising up to half a per cent.
BSE Midcap and BSE Smallcap index sulked, shedding 0.42 per cent and 0.22 per cent respectively.
On the sectoral front, barring telecom and finance all sectors made losses, with metals being the top loser, down 1.71 per cent.