MARKET LIVE: Sensex volatile, down 100 pts; Axis Bank jumps 6%, HUL dips 3%

Domestic markets turned volatile in the early deals on Wednesday amid better-than-expected corporate earnings, but weak global cues.
 

The benchmark S&P BSE Sensex slipped around 70 points, or 0.18 per cent, to trade at 37,861 level, after hitting a high of 38,199 in the opening deals. Axis Bank, Bajaj Finserv, and ICICI Bank were the top gainers on the 30 shares index, while Hindustan Unilever, Maruti Suzuki, and Bajaj Finance were the top drags.

Individually, Axis Bank leaped 6 per cent after the lender's logged strong net interest income (NII) growth, controlled opex and sequential decline in provisions. Besides, outstanding funded BB & below pool declined slightly to Rs 6,420 crore while moratorium book plummeted to 9.7 per cent, which eased concerns on the asset quality outlook. READ MORE

On the downside, HUL slipped 3 per cent on the BSE on profit booking post the FMCG major's June quarter result.

The broader Nifty50, on the other hand, crossed the psychological 11,200-mark to hit a high of 11,238 level in early deals. It later retreated to 11,144-mark, down 18 points.

Sectorally, Nifty Bank was up 100 points lifted by Axis Bank and ICICI Bank. Overall, Nifty Phama index was the top performer, up about 2 per cent on the NSE.

In the broader market, the S&P BSE MidCap index was outperforming benchmark indices and was at 13,643 level, up 19 points. The S&P BSE SmallCap index, meanwhile, was at 12,938, down 8 points.