Mumbai: BSE Sensex edged lower on Wednesday as investors turned cautious ahead of a slew of corporate results, particularly banks, although a forecast for an average monsoon gave a leg-up to market sentiment. The focus is now on the financial sector this week—with Yes Bank and HDFC Bank due to report results—after mixed fortunes at IT blue chips that have already reported earnings.

Infosys Ltd was down for the fourth consecutive session, dropping about 5% since issuing a lower-than-expected revenue guidance for the year last week, while Tata Consultancy Services fell as much as 2.43% after earnings marginally beat expectations on Tuesday.

“Results season has started and results for some of the sectors are expected to be subdued,” said Siddhartha Khemka, head of research at Centrum Wealth. “Investors could be cautious given that markets are closer to their highs.”Sentiment, however, was supported after India’s weather office said on Tuesday that monsoon rains would be of an average amount in 2017, easing concerns over farm and economic growth. “Hopes of a consumption recovery in the second half of the year are holding up the markets from a long-term perspective,” Khemka said, adding a good monsoon would bode well for the economy.

Financial stocks were among the top losers on the NSE index. Axis Bank fell as much as 2.28%, while ICICI Bank dropped 1.15%. National Aluminium Co slumped as much as 7.08% to its lowest since 8 March after the miner said on Tuesday the government would sell up to a 10% stake in the company.

2.58pm: BSE Sensex trades lower by 16 points, or 0.05%, to 29,303, while the Nifty 50 falls 15 points, or 0.17%, to 9,090.

2.04pm: BSE Sensex trades higher by 15 points, or 0.05%, to 29,334, while the Nifty 50 falls 4 points, or 0.04%, to 9,102.

12.30pm: BSE Sensex trades lower by 27 points, or 0.09%, to 29,292, while the Nifty 50 falls 11 points, or 0.12%, to 9,094.

11.40am: BSE Sensex trades lower by 22 points, or 0.08%, to 29,297, while the Nifty 50 falls 16 points, or 0.17%, to 9,089.

10.40am: BSE Sensex trades higher by 20 points, or 0.07%, to 29,340, while the Nifty 50 rises 3 points, or 0.04%, to 9,108.

10.00am: Banking stocks trade lower. IDBI Bank fell 1.5%, Corporation Bank 1.5%, Union Bank 1.1%, Axis Bank fell 1%, Bank of Baroda 0.5%, HDFC Bank 0.5%, ICICI Bank 0.3%, IndusInd Bank 0.3%, State Bank of India 0.3%.

9.55am: Tata Motors shares fell for six consecutive sessions and down 7.1% in this period. The scrip was trading at Rs441.50 on BSE, down 0.6% from previous close.

9.45am: Indiabulls Real Estate Ltd shares fall 2.6% to Rs 131.35 after news report said that the National Stock Exchange is probing the trades in equity derivatives of Indiabulls Real Estate following the huge swings in price in the last couple of trading sessions

9.38am: BSE Sensex trades higher by 3 points, or 0.01%, to 29,322, while the Nifty 50 rises 5 points, or 0.06%, to 9,110.

9.30am: National Aluminium Co. Ltd (Nalco) shares fall 6.3% to Rs68.80 as its offer for sale starts. The government said it will sell 10% stake in the company and raise around Rs600 crore.

9.25am: Tata Consultancy Services Ltd shares fall 1.6% to Rs2,272 after weaker then expected earnings. The company missed analysts’ estimates for both revenue and profit in the fourth fiscal quarter, even as India’s largest software services firm’s full-year sales rose 6.2% to $17.58 billion. The company reported revenue of $4.45 billion in the three months ended 31 March, a 1.5% increase from the preceding quarter and 5.8% from the year-ago period. Net profit totalled $992 million, a 0.8% decline on a sequential basis and an increase of 5.8% from the year-ago period.

9.20am: Hindustan Oil Exploration Co. Ltd shares rise 1.5% to Rs85.40 after the company said it reported a net profit of Rs98.24 crore in March quarter against net loss of Rs18.26 crore a year ago. Net sales rose 37.5% to Rs79.72 crore.

9.15am: The rupee opened at 64.61 a dollar. At 9.15am, the rupee was trading at 64.57, up 0.09% from its Tuesday’s close of 64.63. Year-to-date, it gained 5.3%.

9.10am: The 10-year bond yield was trading at 6.862% compared to its previous close of 6.864%. Bond yields and prices move in opposite directions

9.00am: Asian currencies were trading lower. Singapore dollar was down 0.11%, Singapore dollar 0.09%, China offshore spot 0.09%, Philippines peso 0.07%, Taiwan dollar 0.07% and South Korean won 0.06%. However, Thai baht was up 0.09% and Malaysian ringgit 0.08%.

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