Reliance, Wipro weigh on Indian shares amid volatility spike ahead of budget
Updates at 9:22 a.m. IST
BENGALURU, July 22 (Reuters) -Indian shares opened lower on Monday, dragged by Reliance Industries RELI.NS and Wipro WIPR.NS after both companies postedweaker-than-expected quarterly results, while volatility spiked a day before the union budget was due.
The NSE Nifty 50 .NSEI fell 0.55% to 24,398.75, while the S&P BSE Sensex .BSESN shed 0.47% to 80,220.7, as of 9:22 a.m. IST.
All 13 sectors logged losses. The more domestically-focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 fell 1% and 0.7%, respectively.
Oil-to-telecom conglomerate Reliance RELI.NS, which reported first-quarter profit below analysts' estimates on Friday hurt by lower margins on fuel sales, lost 2.7%.
Wipro WIPR.NS, which missed quarterly revenue estimates on Friday due to weak demand in Europe and Asia-Pacific, lost 7.5%, becoming the top percentage loser on the Nifty 50 and information technology .NIFTYIT indexes.
Volatility .NIFVIX rose to a six-week high of 15.5%, ahead of the budget.
HDFC Bank HDBK.NS, the country's top private lender and the heaviest stock in the Nifty 50, rose about 1% after beating quarterly profit forecasts on Saturday, as loan-loss provisions fell.
Reporting by Manvi Pant and Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza and Nivedita Bhattacharjee
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