Business India

Sensex: BSE falls 100 points, Axis Bank drops 7% and MAS Financial Services Surges 44% on Debut

Sensex: BSE falls 100 points, Axis Bank drops 7% and MAS Financial Services Surges 44% on Debut

India’s leading market index Sensex and Nifty open in red today ahead of Mahurat Trading Day on 19th October. BSE falls 100 points whereas Nifty trading 43 points lower at 10190 than the yesterday closing point. In the early hours of the trading Axis Bank share price sinks 7% to 472.80 on NSE at 11:12 IST. The sharp decline in the prices of Axis bank is due to Poor Q2 results. The corporate lending is in continuation with rising bad loans and its retail segment profitability was broken with a fall in pre-tax profit. The nonprofitable assets have grown from 5.03% to 5.9%  in the quarter ended June 30, 2017.

MAS Financial Services made a rocking debut just a day before Diwali and opened at 660 price. The share is trading 44% and nearly 212 points up from the issue price of 459.The company has maintained a good asset quality net Nonprofit Assets NPAs at 1.06 percent and 0.92 percent, respectively.

On Wednesday Gold and silver prices continued there downstream journey due to the strengthening of USD.Today Gold is trading at Rs 29625 near its day’s low of 29600 and Silver is trading at 39830 near day’s low of 39802. Metal Index is also in Red Zone today.After touching 3 years high of 464.05 on Monday.The metal is trading at 457.35 at 11:32 am IST.

Stocks to watch Today: I.T major Wipro announced its quarterly results on Tuesday and reported a 5.5% rise from the Previous quarter and 6% rise in(YoY) The net profit rise at Rs 2,189.50 crore for the quarter ended in September. PCJ the company is claiming 30% rise in their sales after GST.Bajaj Auto Manufacturer of The two-wheeler Resulted in a 1% decline in net profit to Rs 1,123 crore for the quarter ended in September due to rising input cost and flat sales of the two-wheeler.



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Ashish Sharma

Ashish is a techie who is a finance and stocks hobbyist. He loves to contribute and create awareness by writing on business and finance