Sensex, Nifty Trade Flat amidst the commotion; Asian paints increase 4%, Axis Bank plunges 5%

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Asian Paints, SBI, Sun Pharma and ICICI Bank gained around 2% each on BSE

Benchmarks are trading moderately on Wednesday afternoon amid volatility. Asian Paints jumped more than 4 percent, while Axis Bank lost 5 percent after its second quarter results. The Sensex has been confined to a narrow range of 250 points, falling from an intraday low of 61,315 and a high of 61,576. At 1:00 pm, the benchmark BSE is trading at 61,458 , 55, up 110 points or 0.18% and the NSE Nifty is at 18,316.30, up 45 points or 0.25%.

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The broader markets are witnessing buying interest, with the BSE Midcap index and the BSE Smallcap index gaining 0.4% and 0.6% respectively.

In the currency market, the rupee depreciated 6 paise to 75.02 against the US dollar on Wednesday, weighed down by firm crude oil prices and a strong dollar. In the interbank forex market, the rupee opened low at 75.02, posting a decline of 6 paise since the last close.

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On the specific stocks front, Asian Paints climbed 4% to Rs 3,100 at the top of the BSE winners list following reports that India’s leading company raised the prices of its products. SBI, Sun Pharma and ICICI Bank gained about 2 percent each on BSE.

On the flip side, Axis Bank shares fell more than 5% to Rs 796 per day after the private lender announced its September quarter results. Axis Bank announced an 86% increase in its stand-alone net profit to Rs 3,133 crore in the second quarter ended September 2021, from Rs 1,682.67 crore in the corresponding period last year. Shares of India’s second-largest private lender gained 4% ahead of earnings on Tuesday. Bajaj Finance, IndusInd Bank and Bajaj Finserv are the other big losers in the BSE pack, resisting losses of 2-3% each.

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The scope of the BSE market is strong. Out of 3,310 shares traded on the ESB, 1,947 shares rose against 1,225 declines.

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