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Sensex, Nifty Drift Lower On Weak Global Cues
(RTTNews) - Indian shares opened a tad lower on Wednesday after Wall Street's major averages fell the most in a month overnight on the back of soft economic data and disappointing earnings updates from the likes of First Republic and UPS.
Asian markets followed Wall Street lower, but the downside remained capped somewhat following upbeat updates from Google parent Alphabet and Microsoft after the U.S. market close.
The benchmark S&P/BSE Sensex was down 96 points, or 0.2 percent, at 60,034 in early trade, while the broader NSE Nifty index was down 34 points, or 0.2 percent, at 17,735.
Cipla, Hindalco and JSW Steel all fell over 1 percent while IndusInd Bank, Power Grid Corp and Eicher Motor were rising around 1 percent each.
Bajaj Auto was little changed after its quarterly profit topped estimates.
AU Small Finance Bank tumbled 3.3 percent despite reporting its highest quarterly profit of Rs. 425 crore in Q4.
InterGlobal Aviation was marginally higher on reports that it is in talks to buy 20 wide-body planes as part of efforts to expand its international operations.
Dalmia Bharat was marginally lower despite reporting a two-fold increase in its Q4 consolidated net profit.
Tata Consumer Products was moving lower. The company reported a 21 percent rise in consolidated net profit in the quarter ended 31 March, 2023.
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