Indian shares fall at open on underwhelming HDFC Bank profit
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BENGALURU - Indian shares fell at the open on Monday, dragged by HDFC Bank as it missed quarterly profit expectations, with sentiment further dented by broader Asian peers falling in early trade on a renewed coronavirus scare.
By 0352 GMT, the NSE Nifty 50 index was down 0.69% at 15,812.75 and the S&P BSE Sensex was down 0.72% at 52,760.08. Both indexes ended the week nearly 1.5% higher, their first weekly gain in three.
HDFC Bank fell as much as 3.2%, its lowest in nearly a month, after the lender reported a quarterly profit that missed expectations on Saturday as bad loan provisions rose and asset quality deteriorated. The NSE Nifty Bank index was down as much as 2.1%.
Investors will focus on telecom stocks with the Supreme court set to hear the adjusted gross revenues (AGR) case later in the day. India's top court, in September last year, reaffirmed dues payable by telecom companies Bharti Airtel and Vodafone Idea.
Investors are also eyeing results from Nifty 50 components HCL Tech and HDFC Life.
The Indian parliament's monsoon session begins on Monday with issues such as petrol prices and the country's COVID-19 status up for discussion.
Asian shares slipped to a one-week low on Monday and perceived safe haven assets, including the yen and gold, edged higher amid fears of rising inflation and a surge in coronavirus cases, while oil prices fell on oversupply worries.
