Sensex, Nifty subdued while IndiGo drops 12 pc

Sensex, Nifty subdued while IndiGo drops 12 pc

Mumbai: Equity benchmark indices were subdued during early hours on Wednesday as investors remained cautious ahead of the first quarter corporate results.

At 10:15 am, the BSE S&P Sensex was up 13 points at 38,744 while the Nifty 50 gained 5 points to 11,561.

Sectoral indices at the National Stock Exchange were mixed. Nifty auto, metal, pharma, PSU banks and realty were in the red while FMCG, IT and private banks were in the positive zone.

Among stocks, InterGlobe Aviation (IndiGo) crashed 12 percent to Rs 1,377.95 per share after co-founder Rakesh Gangwal sent a letter to the Securities and Exchange Board of India (SEBI) seeking intervention in several corporate governance violations.

Tata Motors lost 2.5 percent to Rs 151.95 per share while Hindalco was down 1.5 percent. Bajaj Finance, UltraTech Cement and ONGC were also in the red.

However, Titan, Wipro, Yes Bank, and Britannia showed gains between 1 and 2.3 percent.

Meanwhile, Asian stock markets were mixed after a subdued session on Wall Street as investors awaited clues on policy from Federal Reserve Chairman Jerome Powell.

Equities posted modest gains in Hong Kong and South Korea while those in Japan and China retreated.