Indian shares traded lower on Wednesday tracking broader Asia on fresh concerns about the U.S.-China trade war, while weak corporate results continued to hamper the south Asian country’s indexes in their worst month since September last year.
Tech Mahindra stock fell nearly 5% intraday to hit a 15-month low on July 31, as global brokerages cut price target after weak set of earnings in June quarter.
500 stocks hit new 52-week low on BSE including Tech Mahindra, M&M; VIX spikes
As a new round of trade negotiations started in Shanghai, Trump tweeted that if he wins re-election in November 2020, the outcome could be no agreement or a harsher one.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7% to the lowest since June 19.
India’s broader NSE Nifty fell 0.6% to 11,018.45, while the benchmark BSE Sensex dropped 0.54% at 37,193.35. Both indexes were on track for their worst July since 2002.
Most sectors were trading in the red. The Nifty FMCG index fell about 1%, while the Nifty bank and financials indexes fell about 0.5% each.
“Earnings continue to disappoint in this season as well, reinforced by slowdown commentary from companies across sectors,” statement received from Validus Wealth.
Hero Motocorp saw a volatile morning, when the shares swung between gains and losses. The stock was last seen up 1.9%. India’s biggest motorcycle maker reported a better-than-expected first-quarter profit, helped by a one-time gain.
Axis Bank also weak on the Nifty due to weaker-than-expected earnings on higher provisions, stock falling as much as 5%.
Coffee Day Enterprises touched a fresh 52 week low, after police retrieved the body of the MD VG Siddhartha, who had reportedly committed suicide.
Among gainers, Yes Bank shares rose about 2.4%, while Zee Entertainment and Sun Pharma were up about 1.8% each.