BSE Sensex today: Titan was top loser in the Nifty after September quarter earnings.The S-P BSE Sensex and NSE Nifty 50 indexes (share market) traded lower in trade on Wednesday led by declines in Reliance Industries, ICICI Bank, HDFC Bank, ITC, Hindustan Unilever and ITC.
The Sensex fell as much as 198 points to hit an intraday low of 40,113.89 and the NSE Nifty 50 index declined as much as 39 points to hit an intraday low of 11,878.
Meanwhile, equities in other Asian markets were also trading lower as investors awaited for more cues on US-China trade talks.Infosys Condemns "Mischievous Insinuations" Made Against Co-FoundersInfosys has condemned the "mischievous insinuations" made by anonymous sources against the co-founders and former colleagues.
"Infosys strongly condemns the mischievous insinuations made by anonymous sources against the cofounders and former colleagues, suggesting their involvement in the recent whistleblower allegations," Infosys said in a statement.The statement comes after the IT services major said on Monday that it received no evidence to support the allegations in a whistleblower letter from last month.A letter, claimed to have been written by employees of the company in October, said chief executive Salil Parekh instigated them and others to bypass approvals for large deals, fearing a negative impact on shares from reduced profit.Market Update: Sensex, Nifty Continue To Trade LowerThe S-P BSE Sensex and NSE Nifty 50 indexes continue to trade on a weak note weighed down by banking and financial services shares.The Sensex traded 169 points lower at 40,079 and the Nifty 50 index was down 54 points at 11,863.The overall market breadth was negative as 906 shares were declining while 749 were advancing on the National stock Exchange.Tech Mahindra Rises After Profit Rises 17% In September QuarterShares of Tech Mahindra rose as much as 1.39 per cent to hit an intraday high of Rs 784 after its profit rose 17 per cent to Rs 1,124 crore in September quarter.In a regulatory filing after market hours, the Mumbai-based IT major said its revenue stood at Rs.
90,699 crore in the quarter ended September 30, up 4.82 per cent compared with the April-June period.Revenue from its IT segment stood at Rs.
82,245 crore in Q2, as against Rs.
78,572 crore in the April-June period.
BPO segment revenue grew 6.23 per cent to Rs.
8,454 crore, according to the regulatory filing.Aurobindo Pharma Falls After US Drug Regulator Issues Form 483 With Four ObservationsAurobindo Pharma shares declined as much as 5.17 per cent to hit an intraday low of Rs 449 after the company in clarification to BSE said that the US drug regulator US FDA issued Form 483 with four observations for its Unit V, API manufacturing facility at Pashamylaram, Hyderabad and Unit VIII, API manufacturing facility at Gaddapotharam, Hyderabad."We believe that these observations are related to procedural improvements and none of the observations are related to data integrity.
The Company will be responding to US FDA as per the prescribed time lines," Aurobindo Pharma said in the clarification.As of 10:18 am, Aurobindo Pharma shares traded 4.38 per cent lower at Rs 453.10, underperforming the Sensex which was down 0.38 per cent.Titan Shares Fall 10% After September Quarter EarningsShares of watch and jewellery retailer - Titan Company - fell as much as 9.64 per cent to hit an intraday low of Rs 1,160 after the company reported its September quarter earnings after market hours on Tuesday.Titan's profit in September quarter rose 1.8 per cent to Rs 320.16 crore from Rs 214.38 crore in the same quarter a year ago.Its sales rose marginally to Rs 4,371 crore compared with Rs 4,353 crore in the September quarter of 2018.Nifty Bank Index Worst on NSE, Index Falls Over 150 PointsSix of 11 sector gauges compiled by National stock Exchange were trading lower led by the Nifty Bank index's 0.5 per cent fall.
Nifty PSU Bank and Nifty Financial Service indexes also dropped over 0.5 per cent each.On the flipside, mid- and small-cap shares were outperforming their larger peers as Nifty midcap 100 index rose 0.13 per cent and Nifty Smallcap 100 index advanced 0.3 per cent.Sensex, Nifty Open Lower; Reliance Industries, ICICI Bank, HDFC Bank Top DragsThe S-P BSE Sensex and NSE Nifty 50 indexes opened lower in trade on Wednesday led by declines in Reliance Industries, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Infosys.The Sensex fell as much as 192 points to hit an intraday low of 40,120.22 and the NSE Nifty 50 index declined as much as 39 points to 11,878.55.Top Nifty losers:Titan -7.03%Bharti Infratel -1.44%HCL Technoloies -1.14%Bajaj Finserv -0.94%Kotak Mahindra Bank -0.78%Top Nifty gainers:Zee Entertainment +2.18%Mahindra - Mahindra +1.26%Hindalco +1.16%Sun Pharma +0.93%Cipla +0.91%Sensex, Nifty Open On A Flat Note in Pre-Market SessionThe Sensex and Nifty opened on a flat note in the pre-market session.The Sensex rose 0.16 per cent to open at 40,312 and the Nifty 50 index declined 0.05 per cent to 11,912.Asian Shares Fall As Investors Await Clues On Trade TalksAsian shares pulled back slightly on Wednesday as investors awaited new developments toward scaling back a bruising trade war between the United States and China.MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.11 per cent.
Australian shares were down 0.09 per cent, Chinese stocks drifted 0.08 per cent lower while Japan's Nikkei stock index tacked on 0.2 per cent.Treasury yields fell slightly in Asia and crude oil futures also dipped as investors took a breather as United States and Chinese negotiators continued their efforts to seal a preliminary trade deal.
The world's two biggest economies have signalled they are pushing hard for a 'phase one' trade agreement, possibly some time this month.Source: ReutersInfosys Fires Non-Performing Employees: Report"As a high performance organisation, involuntary attrition is integral to normal course of business and this (sacking) should not be interpreted as any mass trimming across any level in particular," said the city-based IT behemoth in an e-mail to IANS.Terming a media report on involuntary attrition speculative with unofficial numbers (data points), the source clarified that the company was not laying off thousands of its employees at multiple levels.Tech Mahindra In Focus After September Quarter EarningsTech Mahindra shares will be in focus after the company reported September quarter earnings after market hours on Tuesday.The IT major reported a net profit of Rs.
1,123.9 crore for the July-September period, marking an increase of 17.16 per cent compared with the previous quarter.
In a regulatory filing after market hours, the Mumbai-based IT major said its revenue stood at Rs.
90,699 crore in the quarter ended September 30, up 4.82 per cent compared with the April-June period.In dollar terms, revenue grew 3.2 per cent sequentially to $1,287.2 million.
Revenue growth was at 4.1 per cent in constant currency terms, Tech Mahindra said.Foreign Institutional Investor Bought Shares Worth Rs 473 Crore On TuesdayThe foreign institutional investors or FIIs bought shares worth Rs 473.17 crore on Tuesday while the domestic institutional investors or DIIs sold shares worth Rs 1,594 crore.