Markets Trade Flat, Yes Bank Falls 10%

Benchmark indices opened the day virtually unchanged, with Asian markets mostly subdued in trade. Reliance Industries once again continued to support the market with gains of nearly 2 per cent.

The Sensex was trading lower by nearly 38 points, while the Nifty was down 13 points in trade.

HDFC Bank shares fell after reports that the Chief executive and managing director Aditya Puri has sold shares worth Rs 842.87 crore of the private lender last week, according to regulatory filings.

Shares in ICICI Bank too dropped after the bank late last week reported a 36 per cent increase in its standalone net profit at Rs 2,599 crore for the first quarter ended June 2020. A fall in the gross NPAs and net NPAs did not improve sentiment for the stock.

Tobacco to FMCG major, ITC also saw its share price fall 1 per cent after the company reported a 25.30 per cent fall in its consolidated profit after tax at Rs 2,567.07 crore for the first quarter ended June 30.

Zee Entertainment saw its shares rise marginally even after a surprise net loss of Rs 765.82 crores for the quarter ending March 31, 2020. Shares in Yes bank fell 10 per cent and was locked at the lower end of the circuit filter.