Sensex Trades Lower; Wipro Slumps Post Results

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, January 18, 2016, 9:28 [IST]

Benchmark indices opened the day higher, but slipped into the red, as Asian markets continued to slide following weak cues from Asia.

Most Asian markets lost more than one per cent each, following Friday's slump in markets across the US.

The Sensex was trading with losses of 51 points, at 24,404 points, while the Nifty was down 14 points in trade at 7425 points. Shares in Wipro was lower by 2 per cent, following results that lagged estimates.

LIC Housing was up after the company reported a 24 per cent growth in net profits. CESC, IFCI and Voltas saw major cuts from the mid cap space.

Indian Hotels also dipped after the net profits of the Hotel chain fell sharply. The stock was down almost 4 per cent in early trade.

Banking shares were trading higher with stocks like ICICI Bank, State Bank of India, Canara Bank and Syndicate Bank, recovering from fresh 52-week lows that these stocks hit on Friday.

Hindustan Unilever, whose results did not match expectations, continued to decline in trade with a drop of one per cent.

Meanwhile, Asian markets were trading with losses, with the Japanese Nikkei, the Chinese Shanghai Composite and the Hang Sang all lower in trade.

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