Sensex drops below 35,000

Domestic stocks drifted lower in early trade on negative Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 72.14 points or 0.21% at 34,939.51. The Nifty 50 index was down 21.70 points or 0.21% at 10,531.30. The Sensex dropped below the psychological 35,000 level in early trade.

The S&P BSE Mid-Cap index was down 0.01%. The S&P BSE Small-Cap index was up 0.13%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 669 shares rose and 554 shares fell. A total of 55 shares were unchanged.

Overseas, Asian stocks fell amid concern over whether trade tensions with China can be mended. US stocks declined on Friday, 2 November 2018 as investors assessed whether the US and China will be able to ease trade tensions.

Back home, ONGC rose 1.67% after the company's net profit rose 61.1% to Rs 8,264.61 crore on 47.6% increase in net sales to Rs 27,989.17 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 3 November 2018.

Axis Bank rose 1.39%. Net profit of Axis Bank rose 82.62% to Rs 789.61 crore on 15.5% rise in total income to Rs 15959.37 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.

Separately, Axis Bank announced that its board approved the appointment of Amitabh Chaudhry, as managing director-designate in executive position of the bank, with effect from 19 November 2018 upto 31 December 2018 (both days inclusive). This will facilitate smooth transition and familiarize Amitabh Chaudhry with the business and operations of the bank, before he assumes charge as the managing director & CEO of the bank, with effect from 1 January 2019, as approved by RBI.

Sun TV Network lost 5.34%. Net profit of Sun TV Network rose 23.41% to Rs 351.32 crore on 10.90% rise in net sales to Rs 749.55 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.

Tata Chemicals dropped 3.16%. On a consolidated basis, Tata Chemicals' net profit fell 2.42% to Rs 408.82 crore on 10.05% rise in net sales to Rs 2960.66 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.

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