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Markets snap uptrend ahead of F&O expiry; Axis Bank falls over 6%

Bajaj Finance, Bajaj Finserv, IndusInd Bank, HUL, Tata Steel and NTPC were among the other laggards

stock markets | Axis Bank | BSE Midcap

Press Trust of India  |  Mumbai 

stock markets
Broader BSE midcap and smallcap indices advanced up to 0.30 per cent

Market benchmarks closed in the red for the first time this week on Wednesday amid a bearish trend overseas and volatility ahead of expiry of monthly derivatives contracts. A depreciating rupee and mixed corporate results also took a toll on sentiment, traders said.

Snapping its two-session rising streak, the 30-share BSE Sensex closed 206.93 points or 0.34 per cent lower at 61,143.33. Similarly, the broader NSE Nifty slipped 57.45 points or 0.31 per cent to 18,210.95.

was the top loser in the Sensex pack, tanking 6.52 per cent, despite reporting an over 86 per cent jump in standalone net profit at Rs 3,133.32 crore for the September quarter. Bajaj Finance, Bajaj Finserv, IndusInd Bank, HUL, Tata Steel and NTPC were among the other laggards.

On the other hand, Asian Paints, Sun Pharma, Infosys, SBI, UltraTech Cement, Bharti Airtel and HCL Tech were among the gainers, climbing up to 4.42 per cent.

Maruti Suzuki closed marginally higher after posting a 66 per cent decline in consolidated net profit at Rs 487 crore for the second quarter, impacted by the ongoing semiconductor shortage and increase in commodity prices.

"Echoing weak global sentiments, domestic indices slipped into negative terrain in today's choppy trade. Bleeding financial stocks dragged the market despite improvements in asset quality and favourable results.


"Stagflation worries and flare-up in US-China tensions forced global investors to trade cautiously ahead of the announcement of another batch of Q2 corporate earnings," said Vinod Nair, Head of Research at Geojit Financial Services.

Ajit Mishra, VP - Research, Religare Broking, said, "are closely watching earnings for cues and we'll see the reaction to the numbers of select index majors in early trade on Thursday. Besides, volatility is expected to remain high due to the scheduled monthly derivatives expiry." Sectorally, BSE metal, bankex, energy, oil and gas and finance indices lost as much as 1.82 per cent, while IT, teck, healthcare and telecom closed higher.

Broader and smallcap indices advanced up to 0.30 per cent.

The global equity rally stalled amid ratcheting up of US-China tensions and concerns over the Chinese property market, even as tech giants like Alphabet and Microsoft continued to post stellar results.

In Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with losses. Stock exchanges in Europe were also trading on a negative note in the afternoon session. Meanwhile, international oil benchmark Brent crude slumped 1.09 per cent to USD 84.72 per barrel.

The rupee weakened by 7 paise to end at 75.03 against the US currency on Wednesday amid a strong greenback in the overseas market. Foreign institutional investors remained in selling mode, offloading shares worth Rs 2,368.66 crore on Tuesday, according to exchange data.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 28 2021. 01:35 IST