Sensex drops 400 pts, NIFTY50 tests 24,200; telecom index slips over 1%

After a day of healthy gains, the domestic stocks once again resumed their downtrend as the benchmark indices opened with cuts.

At 09:49 AM, the broader NIFTY50 index was trading at 24,200.90, down 138.25 points, or 0.57%. The BSE SENSEX was trading at 79,574.85, down 430.19 points, or 0.54%.

The top losers on the NSE were Bharti Airtel, M&M, HDFC Life, Axis Bank, and Shriram Finance. The top gainers were NTPC, Eicher Motors, BEL, ICICI Bank, and Coal India.

Buzzing Stocks

Shares of Spandana Sphoorty Financial tumbled as much as 16% to ₹386.10 apiece on the BSE a day after the company declared its September quarter earnings.

The microfinance lender reported a consolidated loss of ₹216 crore for the quarter under review on multi-fold rise in provisions for stressed loans.

It had posted a consolidated net profit of ₹125 crore during the same period last year.

Gillette India shares were up over 8% after the company posted a roughly 44% rise in first-quarter profit on Monday, driven by strong demand for its grooming products.

New products and designs, including the company’s multi-blade systems and gel shaving creams, have been attracting consumers, along with steady demand for its high-priced products.

Broader Market

The BSE MidCap index was trading at 45,896.55, up 131 points, or 0.29% while the BSE SmallCap index was trading at 53,170.82, up 255.27 points, or 0.48%.

Sector Watch

Telecom stocks were the biggest losers in the early trade. The BSE Telecommunication index was trading 1.35% lower at 2,852.49 levels. Next losers were tech and oil & gas counters.