The Indian stock market closed down for the second straight day, dragged lower by financial stocks such as Axis Bank after the lender reported a quarterly profit slump and on the back of muted second quarter earnings by some companies.
Besides banks, Tata Group stocks extended their fall after the abrupt ouster of Chairman Cyrus Mistry on Monday, lower global crude oil prices and dampened sentiment ahead of the October month F&O expiry on Thursday.
Nifty closed with a loss of 76 points at 8,615, while BSE Sensex ended with a loss of 255 points at 27,837.
On the global front, Asian markets closed in red. The Nikkei 225 closed marginally higher. Hong Kong’s Hang Seng index and Shanghai Composite index closed in red.
Axis Bank tanked 8% to Rs 486 on the BSE. The bank has posted a net profit of Rs 319 crore for the quarter ended September 30, 2016 as compared to Rs 1915.6 crore for the quarter ended September 30, 2015.
Cadila Healthcare dropped 4.8% after the pharma company posted a net profit after taxes, Minority Interest & Share of Profit/Loss of Associates of Rs 338 crore for the quarter ended September 30, 2016 as compared to Rs 475 crore for the quarter ended September 30, 2015.
Suzlon Energy gained 0.48% after the company signed a Share Subscription and Shareholders’ Agreement with Ostro Energy Private Limited for setting-up of a solar power project under Prathamesh Solarfarms Limited, presently a wholly owned subsidiary of the Company, and eventually sale of Prathamesh.
Navneet Education inched up 1% at Rs 110 on the BSE. The company announced the acquisition of Chicago-based Britannica’s Indian curriculum business. Under the agreement, the current Britannica business unit will become an independent company with Navneet.
ITC Ltd closed marginally higher on the BSE. The company posted a net profit of Rs 2,500 crore for the quarter ended September 30, 2016 as compared to Rs 2,262.5 crore for the quarter ended September 30, 2015.
Bharti Airtel Ltd zoomed 2%. The company has posted a net profit of Rs 1460 crore for the quarter ended September 30, 2016 as compared to Rs 1536 crore for the quarter ended September 30, 2015.
The rupee was trading up one paise at 66.82 per US dollar.
Out of 1,481 stocks traded on the NSE, 982 declined and 457 advanced today.
Top 5 Nifty Gainers: ITC Ltd. (1.47%), Dr. Reddys Lab (1.13%), Sun Pharma (1.07%), Maruti Suzuki (0.41%) and HDFC (0.38%)
Top 5 Nifty Losers: Asian Paints (-2.31%), Wipro (-1.63%), SBI (-1.58%), Hero Motocorp (-1.45%) and Hind. Unilever (-1.39%)
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