Sensex sinks 200 pts, Nifty holds 8600; Bharti, Hero top gainers
Equity benchmarks fell further with the Sensex shedding more than 200 points on global weakness. Banking & financials drove the market lower whereas telecom and select auto stocks gained.
Bharti Airtel was the biggest gainer, up nearly 3 percent after its profit in Q2 beat analysts' expectations at Rs 1,461 crore and margin expansion continued for fourth consecutive quarter.
The market has opened lower dragged by weak earnings. the Sensex is down 194.67 points or 0.7 percent at 27896.75 and the Nifty is down 60.15 points or 0.7 percent at 8631.15. About 430 shares have advanced, 604 shares declined, and 69 shares are unchanged.
The Indian rupee opened marginally higher at 66.80 per dollar on Wednesday versus 66.82 Tuesday.
"The rupee fell against the dollar in afternoon trade and closed at 66.89/dollar. Month-end demand for dollar will weigh in on the rupee but exporters' dollar sales are likely to support the same."
The dollar hit its highest level in nearly eight months against the euro and a roughly three-month high against the yen on growing expectations that the Federal Reserve would raise interest rates in December, while the offshore yuan hit a record low.