Mumbai: The BSE Sensex opened lower on Wednesday against the previous session’s closing. The broader NSE’s Nifty, too, fell in the morning hours. The Indian rupee strengthened marginally against the US dollar. The shares of Wipro, Kotak Bank and Reliance rose, whereas the shares of Axis Bank and ICICI Bank fell.
Here are the latest updates from the markets:
■ 9.25am: BSE Sensex opened lower by 100 points, or 0.31%, to 32,509.16, while the Nifty 50 fell 26.65 points, or 0.26%, to 10,207.80.
■ 9.23am: Axis Bank fell 6% to Rs483.15 after the bank’s earnings disappointed due to continued surge in bad loans. The bank reported a profit of Rs432.38 crore, compared with Rs319.08 crore a year ago and Rs1,305.60 crore a quarter ago. Axis Bank’s gross non-performing assets (NPAs) rose to Rs27,402.32 crore as on 30 September from Rs16,378.65 crore a year ago and Rs22,030.87 crore in June quarter. As the end of September, gross and net NPA ratio stood at 5.90% and 3.12% respectively.
■ 9.20am: Other banking stocks too fell after poor results from Axis Bank. Dena Bank fell 5%, Yes Bank 2.6%, ICICI Bank 2.6%, State Bank of India 2.5%, Syndicate Bank 2%, Canara Bank 1.4%, Punjab National Bank 1.3%, Bank of India 1.2%, Allahabad Bank 1.1%.
■ 9.17am: JBF Industries Ltd rose 8.6% to Rs 214.50 after Mint reported that the company is in discussions with potential buyers for a stake sale which could lead to a change of management control in the Mumbai-based polyester maker
■ 9.15am: The rupee opened at 64.93 a dollar. At 9.15am, the home currency was trading at 64.97 against the dollar, up 0.08% from its Tuesday’s close of 65.03.
■ 9.13am: The 10-year bond yield was at 6.76% compared to its previous close of 6.763%. Bond yields and prices move in opposite directions.
■ 9.10am: Asian currencies were trading mixed. South Korean won was up 0.21%, China renminbi 0.20%, Singapore dollar 0.13%, Thai baht 0.1%. However, Malaysian ringgit was down 0.16%, Philippines peso 0.14%, Taiwan dollar 0.04%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.461, down 0.03% from its previous close of 93.486.
Categories: Stock Market
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