Nifty breaks 10200, Sensex falls 100 points over Axis bank disappointment

Bajaj Auto Q2 Profit Falls 1% Meets Estimates

Nifty futures on Singapore Exchange were down 0.19 per cent or 20 points as of 8:30 am.

Other gainers that supported the key indices were Asian Paints, Bajaj Auto, Hero MotoCorp, M&M, HUL, TCS, L&T, NTPC and Maruti Suzuki, gaining by up to 2.06 per cent. Broader markets were in better form with smallcap and midcap indices rising 0.53 per cent and 0.40 per cent, respectively.

The NSE Nifty edged lower on Wednesday, retreating from record highs hit in the previous three sessions after a rise in bad loans at Axis Bank sparked concerns about the recovery of stressed assets in the country's banking sector.

At 11.30 AM: Sensex was over 102 points down or 0.31% at 32,506.88 while the wider Nifty was down by over 42 points or 0.41% at 10,192.30. The stock cracked 7 per cent in morning trade. However, Axis Bank posted a 38% rise in the July-September net profit to Rs 432 crore versus Rs 319 crore in the corresponding quarter a year ago and Rs 1,305 crore in April-June quarter of FY 2018.

Axis Bank shares slumped almost 7 percent. "Buoyancy on the local front helped the index to make a firm start as participants took note of Reliance's results and contraction in the trade deficit figure", said Jayant Manglik, president, retail distribution, Religare Securities.

HT Media dropped 1.7 percent despite posting over two-fold jump in its Q2 consolidated net profit.

Bharti Airtel shares jumped 2.6 percent to extend gains for a third straight day. Shanghai Composite gained 0.27 per cent.

But selling at higher levels dragged it to 10,212.60, before the index settled at a new peak of 10,234.45, up 3.60 points, or 0.04 per cent.

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