The S&P BSE Sensex and NSE Nifty 50 briefly moved to positive territory but failed to sustain those gains and were trading in the negative territory by afternoon on Wednesday. The losses in Dalal Street were led by drags in media, realty and banking stocks. The S&P BSE Sensex slipped as much as 268.98 points to an intraday low of 37,128.26. The Nifty 50 barometer of the National Stock Exchange (NSE) fell as much as 86.00 points to an intraday low of 10,999.40.
At 12:22 pm, the Sensex traded at 37,323.75, down 73.49 points or 0.20 per cent from the previous close, and the Nifty was at 11,063.90, down 21.50 points or 0.19 per cent.
Top laggards on the 30-scrip index were Tech Mahindra, Axis Bank, Bharti Airtel, Bajaj Finance, NTPC and ITC, trading between 0.80 and 4.67 per cent lower.
ZEEL, Tech Mahindra, Axis Bank, Bharti Airtel and Bharti Infratel- trading between 1.92 per cent and 5.54 per cent lower – were among the main losers on the 50-scrip benchmark index.
“Earnings continue to disappoint in this season as well, reinforced by slowdown commentary from companies across sectors,” said Rajesh Cheruvu, chief investment officer at Validus Wealth.
Axis Bank was one of loser on the NSE Nifty due to weaker-than-expected earnings on higher provisions, with the stock falling as much as 5 per cent.
Coffee Day Enterprises touched a fresh low, hitting the lower circuit for the second day with a 20 per cent fall, after police retrieved the body of the cafe chain’s founder, who was missing since Monday night and had reportedly committed suicide.