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Benchmark indices continued to trade lower in late morning deals weighed down by weak global cues with select financials leading the decline.
* LOSERS : Top losers from the Sensex pack are Axis Bank, ICICI Bank, Tata Motors, HDFC and Asian Paints.
*GAINERS : Bharti Airtel, Hero MotoCorp, M&M, Bajaj Auto and Maruti Suzuki are up 1%-3%.
*OVERSEAS MARKET :
Asia stocks slide after Wall Street losses, oil drops on glut concerns
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.6%.
Japan’s Nikkei slipped 0.2%, while South Korea’s KOSPI dropped 1.3% and Australia fell 1.6%.
China’s Shanghai Composite index pulled back 0.2%, while Hong Kong’s Hang Seng lost 0.6%.
Axis Bank has plunged over 7% after the bank reported a sharp 83% year on year (YoY) drop in net profit to Rs 319 crore for the quarter ended September 30, 2016 (Q2FY17), due to higher provisioning of bad loans.
Asian Paints said that its board of directors approved the scheme of amalgamation of Asian Paints (International) Limited, Mauritius, wholly owned subsidiary of the company with Asian Paints. The stock has dropped by around 2%.
Shares of Tata Group companies were trading mixed with Tata Motors and Tata Metaliks falling more than 1% each,
Tata Coffee and Tata Chemicals trading 1% higher on BSE in early morning trade.