Stock markets drift with negative bias, Yes Bank falls 25 pc

Equity benchmark indices opened on a flat note and slipped into negative territory on Tuesday as the trading hours progressed.

All sectoral indices except IT were in the red. The drag was led by losses in financial stocks.

At 10:15 am, the BSE S & P Sensex was down 274 points at 38,793 while the NSE Nifty slipped 88 points to 11,666.

Yes Bank lost over 25 per cent following bad corporate results for Q4 of FY 19. IndusInd Bank and Indiabulls Housing Finance slipped more than 6 per cent each while Bharti Infratel and Sun Pharma were down over 3 per cent.

However, Asian Paints, Indian Oil, HCL Tech, Tech Mahindra and Dr Reddy showed marginal gains.

Meanwhile, Asian shares fell as data on China's manufacturing activity failed to meet expectations.

Official and private business surveys pointed to slower Chinese factory growth in April, disappointing investors who were hoping for a faster expansion due to government stimulus package.