Key indices on Wednesday opened in red on profit booking, with the Sensex falling nearly 100 points, dragged by banks after disappointing numbers from Axis Bank.
Key indices on Wednesday opened in red on profit booking, with the Sensex falling nearly 100 points, dragged by banks after disappointing numbers from Axis Bank.
The Reserve Bank of India (RBI) has found that Axis Bank under-reported its bad loans (non-performing assets) by Rs 4,867 crore from eight accounts during 2016-17, of which the bank is the lead in one and sole lender in another, where the bank may get back the entire amount of Rs 1,100 crore post a business sale transaction.
The report of the regulator was submitted in September and the bank has reclassified all eight accounts as NPAs and made additional provisions during the quarter ended September 30, 2017.
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.
At 10:44 AM, the Sensex was down by 107.89 points to reach 32,501.07 while Nifty fell 40.00 points to touch 10,193.95.
Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers.
Markets will conduct a special 'Muhurat' trading session tomorrow between 18:30 hrs and 19:30 hrs on the auspicious occasion of Diwali.
Meanwhile, the rupee fell by 17 paise to 64.91 against the US currency in late morning trade following continued bouts of dollar demand from banks and importers amid higher dollar overseas.
A spurt in dollar demand from importers on the back of firm foreign fund outflows also weighed on the rupee.
The rupee resumed marginally lower by 5 paise at 64.79 per dollar as against yesterday's closing level of 64.74 at the Interbank Forex Market (Forex) market.
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