Markets Live: Sensex and Nifty were under pressure today with Asian Paints share prices slumping 5%

Sensex and Nifty saw strong selling pressure in early trade today,tracking weak global markets. The rupee also fell against the US dollar today. The Sensex was down nearly 200 points while Nifty traded below 10,200. Asian Paints shares fell over 5% on Q2 earnings. Asian Paints’ consolidated net profit and revenue growth in Q2 also fell short of analysts’ expectations. Asian Paints announced results post market hours yesterday.

9:55 AM IST
Lakshmi Machine Works shares fall 5%
Lakshmi Machine Works shares fell 5.5% to Rs 5800 after the company said it will buyback its 2.66 lakh shares at Rs 6,000 each at a discount of 2.2% to current market price.

ct 23, 09:42 AM (IST)
Market Update Equity benchmarks have continued to trade lower, with the Sensex falling over 250 points, while the Nifty traded below 10,200-mark.

The Sensex is down 268.66 points or 0.79% at 33865.72, while the Nifty is down 85.30 points or 0.83% at 10160.00. The market breadth is negative as 397 shares advanced, against a decline of 1,095 shares, while 2,080 shares were unchanged.

Shares of IndusInd Bank and Tata Motors are the top gainers, while Asian Paints, ONGC and HPCL have lost the most.

Oct 23, 09:32 AM (IST)
Result Reaction: Shares of Asian Paints fell 5 percent in early trade after the company posted a drop in profit. The company reported a Q2 net profit of Rs 506 crore, down from Rs 593.66 crore year on year (YoY). Also reported an operating margin of 16.9 percent, as against 18.8 percent YoY.

source: livemint.com