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Sensex below 38K; Banking stocks drag

Benchmark indices opened marginally higher, however, quickly turned negative with the Sensex currently trading at 37,951 down 79 points and the Nifty at 11,329 down 17 points.

Among sectoral indices, Nifty IT and FMCG were leading with gains of 0.75% and 0.05%, respectively. 

Bank Nifty lost the most among sectors.

Kotak Mahindra Bank and Bharti Airtel were the top gainers on the NSE, rising 1.4% each, while Yes Bank and HDFC Bank were the top losers.

Kotak Mahindra Bank released its Q1FY20 numbers yesterday with its standalone NII for the quarter improving by 22.8% YoY to Rs3,173cr against Rs2,583cr in the corresponding quarter previous year.

The bank’s standalone net profit was slightly below consensus estimates, which has improved by 32.7% YoY to Rs1,360cr against Rs1,025cr in Q1FY19.

TVS Motor posted a Profit After Tax PAT for Q1FY20 at Rs142.3cr, which was down by 2.9% YoY as against Rs146.6cr reported for the quarter ended June 2018.

An equal number of shares advanced and declined on the Nifty50.

Markets are expected to stay volatile as the earnings season rolls on. Major corporates such as L&T, HUL, and Zee Entertainment will announce their Q1 results today.

The rupee opened lower by 9p at 69/USD on Tuesday vs. its previous close 68.91/$.

Meanwhile, Asian markets are also up ahead of major earnings announcements in the US and potential development in trade talks.

Oil eased to around $63/bbl after spiking yesterday due to Iran tensions.

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