Sensex, Nifty weak on Asian cues; RIL, Axis Bank flat

The BSE Sensex started lower Monday tracking weakness in Asian shares. Markets would be closely tracking the September inflation, which is likely to rise to the highest this year.  

At 09.20 a.m., the BSE Sensex was down 32 points or 0.17 per cent at 18,643 while the broader Nifty traded 9 points lower at 5,667. The rupee, too, traded lower against the dollar at 53.04, down 0.45 per cent.

Two key earnings announcement will be closely tracked today. Private lender Axis Bank will report second quarter earnings during market hours while Reliance Industries - India's biggest firm by market capitalization - will announce September quarter results post market hours today. Shares in both these firms traded flat in early trade.

On the Nifty, 22 of the 50 stocks traded higher. Cement stocks - Ambuja and ACC - led the gains, rising nearly 1 per cent. Jaiprakash Associates and Grasim Industries were also among the top gainers on the 50-share benchmark.

State-run power utility NTPC was the top loser, down 1 per cent. Commercial vehicles manufacturer Tata Motors also traded 1 per cent lower.

IT major Infosys traded flat after the sharp cut on Friday. The company had retained its dollar revenue guidance at 5 per cent and said margins may fall, disappointing investors.

On the broader BSE 500, Kingfisher Airlines was the top traded stock, rising nearly 5 per cent. Realty major Unitech extended gains, rising nearly 1 per cent.

Global cues:

Asian shares fell on growth concerns ahead of the third-quarter corporate earnings season, lifting the safe-haven dollar which in turn undermined commodities. As risk sensitive assets retreated, the dollar index measured against a basket of six major currencies gained 0.4 percent.

The MSCI index of Asia-Pacific shares outside Japan fell 0.3 percent. Tokyo's Nikkei average was down 0.1 percent.


(With inputs from Reuters)