Indian shares fall as weak quarterly earnings weigh

Most other Southeast Asian stock markets were subdued, in line with broader Asian shares after a tech-stock driven slide on Wall Street.

india trader
Trader works at a brokerage in Mumbai India. Reuters

Indian shares began the August derivatives series on a weak note on Friday following lower-than-expected corporate earnings.

Most other Southeast Asian stock markets were subdued, in line with broader Asian shares after a tech-stock driven slide on Wall Street.

The S&P BSE Sensex fell 0.23 percent to 32,309 while the broader NSE Nifty lost 0.06 percent to 10,014.

Shares of drug major Dr Reddy's slumped 6 percent after the Hyderabad-based company reported 53.21 percent year-on-year fall in consolidated net profit.

Bio-pharmaceutical company Biocon lost 2.2 percent after its consolidated net profit fell 51.2 percent in the quarter ended June, missing analyst estimates.

Shares of country's largest private sector lender ICICI Bank were down 3.6 even after the bank reported an 8.2 percent decline in June quarter net profit.

Bucking the trend, the stock of conglomerate ITC rose 0.9 percent after the tobacco maker posted a near 7 percent rise in first-quarter profit.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

india trader
Trader works at a brokerage in Mumbai India. Reuters

Indian shares began the August derivatives series on a weak note on Friday following lower-than-expected corporate earnings.

Most other Southeast Asian stock markets were subdued, in line with broader Asian shares after a tech-stock driven slide on Wall Street.

The S&P BSE Sensex fell 0.23 percent to 32,309 while the broader NSE Nifty lost 0.06 percent to 10,014.

Shares of drug major Dr Reddy's slumped 6 percent after the Hyderabad-based company reported 53.21 percent year-on-year fall in consolidated net profit.

Bio-pharmaceutical company Biocon lost 2.2 percent after its consolidated net profit fell 51.2 percent in the quarter ended June, missing analyst estimates.

Shares of country's largest private sector lender ICICI Bank were down 3.6 even after the bank reported an 8.2 percent decline in June quarter net profit.

Bucking the trend, the stock of conglomerate ITC rose 0.9 percent after the tobacco maker posted a near 7 percent rise in first-quarter profit.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

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