Indian shares drifted lower with marginal losses due to further selling in Bharti Airtel, State Bank of India and Reliance Industries. Capital goods and banks stocks too were under pressure while the buying in FMCG, power, technology majors and Coal India capped the downside.
The BSE benchmark was down 55.46 points to 17,545.10 and the NSE benchmark fell 17.30 points to 5,320.70.
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Country's largest telecom operator Bharti Airtel extended losses to 5.7% from 4% in afternoon trade as investors disappointed with the first quarter perfomance of telecom leader. Company expects the possibility of further fall in EBITDA margin.
Top lender State Bank of India tanked nearly 4% after the weak industrial output data in June. Market experts feel the Reserve Bank of India may not cut policy rates in the September policy, even after disappointing data. PNB declined 1% and Axis Bank was down 0.5% whereas HDFC Bank gained 0.8%. Housing finance company plunged 3%.
Index heavyweight Reliance Industries dropped 1.5%. Top commercial vehicle maker Tata Motors (ahead of Q1 results today) and private oil & gas producer Cairn India (as Rahul Dhir will step down at MD and CEO with effect from August 31) tanked nearly 3%.
State-owned oil retailer BPCL tumbled 2.7% ahead of numbers of its peers HPCL and IOC today. Ranbaxy Labs declined 1.5% ahead of Q1 earnings today.
Coal India, country's largest coal mining company, gained more than 2%. Sterlite Industries topped the buying list with gains of 3.6%.
FMCG majors ITC and HUL were up 1.3% and 2%, respectively. Top software services exporter TCS rose 0.8%.
Utility vehicle maker Mahindra & Mahindra rallied over 2% following a rally of 4% yesterday after strong numbers in Q1.
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