L&T lost over 3 percent as investors reacted to the lower order book guidance, while Axis Bank gains after higher than expected fund raising announced on Friday.
Benchmark indices gave up most of the gains and traded lower as index heavyweights and banks dragged the market lower.
The Sensex was down 70.50 points at 33244.06, while the Nifty was down 34.10 points at 10287.70. The market breadth was narrow as 915 shares advanced against a decline of 885 shares, while 78 shares were unchanged.
9:31 am Buzzing Stock: Shares of Idea Cellular, which opened 3 percent higher on the back of tower sale developments, gave up all of its gains and saw a sharp fall to 3.6 percent lower.
Idea’s board of directors approved sale of the tower business to ATC Telecom for Rs 4,000 crore, reports CNBC-TV18. Sale of Idea’s tower business is to be completed by the first half of 2018. Meanwhile, Vodafone too has sold its tower business in India to ATC Telecom for an enterprise value of Rs 3,850 crore.
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