Axis Bank shares tumble over 9% after Q2 earnings

Angelica Greene
October 19, 2017

At 10.26 am the benchmark index was trading at 32,488 points, down 120 points or 0.37 per cent. Shares of Kotak Mahindra Bank, Reliance Industries, Power Grid, and ONGC were the major gainers apart from Wipro, advanced up to 1.26% on BSE. The benchmark Sensex slipped 128.97 points to hit the day's low of 32,480.19 points while the broader Nifty tripped 44.75 points to mark the day's low of 10,189.7 points. ICICI Bank, Yes Bank, SBI also fell between 2.5-4 per cent.

Sector-wise, the S&P BSE oil and gas index surged by 195.76 points, followed by energy index by 102.65 points and utilities index by 28.05 points. The 50-share Nifty fell by 23.60 points or 0.23 per cent to close at 10,210.85 after moving between 10,175.75 and 10,236.45.

Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers. The BSE and NSE will conduct a special Muhurat trading session on Thursday between 18.30 hrs and 19.30 hrs on the occasion of Diwali. The private sector lender yesterday reported a almost 36 per cent increase in net profit at Rs 432 crore in the second quarter ended September, but reported a rise in bad loans. The bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect.

Investors were cautious with Wednesday being the last session of Hindu Samvat Year 2073.

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The 30-scrip Sensitive Index (Sensex) closed 24.81 points or 0.08 per cent lower during the day's trade. In the Asian region, Japan's Nikkei ended 0.38 per cent higher, while Hong Kong's Hang Seng rose 0.02 per cent.

Axis Bank contributed to most of the losses on the NSE index, and also led the losers on the NSE Bank index, which shed about 1.34 per cent. The Dow Jones Industrial Average rose 40.48 points or 0.18% to end at 22,997.44, a record closing high.

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