Nifty breaks 10,200, Sensex falls 100 pts ; MAS Financial zooms 44%
Equity benchmarks opened lower on profit booking Wednesday, with the Sensex falling nearly 100 points, dragged by banks after disappointing numbers from Axis Bank.
The 30-share BSE Sensex was down 98.31 points to 32,510.85 and the 50-share NSE Nifty fell 28.10 points to 10,206.40.
The market breadth was balanced as about 497 shares advanced against 490 declining shares on the BSE.
Axis Bank was biggest loser after sharp rise in slippages in Q2. The stock was down 6.5 percent.
ICICI Bank, SBI, Cipla, Yes Bank and Zee Entertainment were early losers while Wipro, Kotak Mahindra Bank, TCS, ITC, Reliance Industries, Power Grid Corp and HCL Tech were early gainers.
The Indian rupee gained 9 paise against the US dollar in early trade. It has opened at 64.93 against the previous day's closing value of 65.02 per dollar.
Non-banking finance company MAS Financial Services is set to debut on exchanges today. The issue price is fixed at higher end of price band of Rs 456-459 per share.
Analysts expect the stock to list with a premium of Rs 150-200, given the strong subscription to the issue and strong financials of the company.
UltraTech Cement, which has Pan India presence, is expected to show a 38 percent decline year-on-year in standalone profit at Rs 370 crore but revenue from operations may grow 4 percent to Rs 6,380 crore.
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