Indian shares open marginally lower as tepid earnings, persistent foreign outflows weigh
Updates at 9:26 a.m. IST
Oct 29 (Reuters) -Indian shares opened marginally lower on Tuesday, after they snapped a six-session losingstreak the previous day, as caution prevailed due to a largely tepid earnings season and persistent foreign selling.
The NSE Nifty 50 .NSEI shed 0.13% to 24,306 points as of 9:26 a.m. IST, while BSE Sensex .BSESN lost 0.2% to 79,852.28.
The benchmark Nifty 50 and BSE Sensex .BSESN indexes rose for the first time in six sessions on Monday, led by upbeat results from ICICI Bank ICBK.NS.
Eight of the 13 major sectors logged losses on the day. The broader, more domestically-focused small- .NIFSMCP100 and mid-caps .NIFMDCP100 were little changed.
Information technology .NIFTYIT and auto .NIFTYAUTO fell 0.5% each and were the top sectoral losers by percentage.
"While markets started the week on a positive note, caution prevails due to theupcoming U.S jobs data, uncertainty over the presidential election, a largely tepid domestic earnings season and heavy foreign outflows," said Prashanth Tapse, senior vice president of research at Mehta Equities.
The Nifty 50 has dropped about 7.4% from a record high level hit on Sept. 27.
Foreign institutional investors remained net sellers of Indian shares for the previous 21 sessions. They have offloaded domestic equities worth $10.6 billion in October alone, eyeing record monthly foreign outflows.
Among individual stocks, telecom operator Bharti Airtel BRTI.NS lost 2% after reporting smaller-than-expected second quarter-profit post market hours on Monday.
State-owned Indian Oil Corp IOC.NS lost 2% after posting a drop in September-quarter profit.
Federal Bank FED.NS gained 6.1% after posting a rise in quarterly profit and wasthe top gainer in the Nifty bank index.NSEBANK, which rose 0.2%.
($1 = 84.0710 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
