Benchmark indices continued to reel under pressure on concerns raised by asset quality of banks, especially after Axis Bank’s earnings. Weakness in Asian peers also weighed.
The Sensex was down 224.17 points at 27867.25 and the Nifty down 55.05 points at 8636.25 while the broader markets outperformed benchmarks. The BSE Midcap index was flat and Smallcap gained 0.4 percent on positive breadth. About 1319 shares advanced against 1125 declining shares on the exchange.
Axis Bank plunged over 8 percent after the bank showed 81 percent degrowth in profit due to bad assets’ clean up. Provisions increased over five-fold on sequential basis.
HDFC Bank remained under pressure, down half a percent in addition to over a percent fall in previous session after its net interest income missed analysts’ expectations due to lower-than-expected loan growth. Now all eyes are on ICICI Bank earnings; the stock fell 2.75 percent, the second biggest loser on Sensex.
Idea Cellular rebounded 4 percent after a 2 percent loss in previous session due to disappointing earnings.
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