BSE Sensex down SBI earnings key

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Reuters Market Eye - The BSE Sensex fell 0.2 percent in trade. Asian shares extended losses as China's July export and import data fell short of expectations.

Traders say prolonging wait for government measures coupled with recent worries on GDP is not helping market and leading them to profit booking.

Corporate profits are also raising concerns after Bharti Airtel on Thursday slumped to its lowest close since October 2006, while State Bank of India earnings outcome is keenly awaited later in the day.

Tata Motors shares fell 2.4 percent. Credit Suisse downgraded the stock to "underperform" from "neutral" and said margins for key unit JLR would decline.

Bharti Airtel shares were up 2 on value buying after falling 12.61 percent in previous 2 sessions while Ranbaxy Lab lost 2 percent on earnings concerns.

Ranbaxy Lab lost 2 percent on forward earnings concerns.