Sensex Slips 200 Points, Nifty Below 16,250; Zomato Climbs 4% Post Q1

The Indian equity markets opened higher only to slip red in the morning trade on Wednesday, August 11. The broader markets continued to bleed red as both BSE Midcap and Smallcap indices fell one and two per cent, respectively.

At 10:07 AM, the BSE Sensex was down 218.98 points at 54,335.68, and the Nifty-50 index was at 16,217.60, down 62.50 points. Shares of Bajaj Auto, Bajaj Finance, Sun Pharma, Kotak Mahindra Bank, and M&M fell over a per cent each in the 30-share pack Sensex.

Among individuals, Zomato was in major focus after the company released its quarter earnings yesterday wherein the net loss of the company widened to Rs 356 crore against Rs 99.8 crore during the same period in the previous year. At 10:10 AM, the stock was up 4.43 per cent at Rs 130.75

Later today, Cadila Healthcare, Antony Waste Handling Cell, Bajaj Electricals, Bata India, Cell, Bajaj Electricals, Bata India, BF Utilities, Birla Cable, Bharat Road Network, CESC, CreditAccess Grameen, Cummins India, Endurance Technologies, Equitas Holdings, Force Motors, Greaves Cotton, HEG, and IDFC will release their numbers for the quarter ended June 30.

In the overall market breadth, 1572 shares slipped red and only 176 shares advanced at the time of filing in the NSE.

Experts were of a view that going ahead, market would be tracking global cues for the further direction in the market. However, volatility around the US Fed taper talk continues to worry the investors, they said. Overall, we can expect positive momentum on account of better economic recovery and strong earnings session.

"We expect the positive momentum in the market on account of strong domestic economy data, impressive quarterly results and unlocking in various states," said Siddhartha Khemka, Head of Retail Research at MOFSL.