Sensex gains 50 points, Nifty nears 11,600; Infosys, RBL shares tank
MUMBAI: Domestic stock markets started Wednesday’s session on a positive note with the S&P BSE Sensex index opening 100 points higher and the broader NSE Nifty benchmark touching 11,600, a day after the indices broke a six-day winning run.
The gains were however short-lived with the Sensex falling as much as 95.99 points to hit 38,867.85 on the downside in the first few minutes of trade, and the Nifty sliding to as low as 11,556.50, down 31.85 points from its previous close.
Losses in banking and automobile stocks pulled the markets lower however gains in information technology shares provided some support.
Shares of RBL Bank froze in the lower circuit band of 10 per cent at Rs 258 on the BSE on Wednesday after the private sector bank posted its worst quarterly show for the July-September quarter (Q2FY20) since listing on August 31, 2016
Larsen & Toubro shares fell as much as 1.63 per cent to Rs. 1,418.45 apiece on the BSE, ahead of the earnings announcement by the engineering conglomerate.
Infosys shares edged higher after falling as much as 4.40 per cent to Rs. 615.00 apiece on the BSE.
The global cues are weak with most Asian markets trading lower today.
About 78 companies, including Bajaj Auto, Biocon, HCL Tech, and Hero MotoCorp are slated to report their Q2FY20 earnings later in the day.
