Indian stocks open amid disappointing HDFC Bank earnings

BENGALURU, July 19 (Reuters) – Indian stocks fell at the opening on Monday, dragged down by HDFC Bank as it fell short of quarterly earnings expectations as sentiment was further rattled by wider Asian peers falling as the market began. exchanges following a new coronavirus alert.

As of 03:52 GMT, the NSE Nifty 50 Index (.NSEI) was down 0.69% to 15,812.75 and the S&P BSE Sensex (.BSESN) was down 0.72% to 52,760.08. Both indices ended the week up nearly 1.5%, their first weekly gain in three.

HDFC Bank (HDBK.NS) fell 3.2%, its lowest level in nearly a month, after the lender reported quarterly profit that exceeded expectations on Saturday as bad debt provisions rose and that the quality of assets was deteriorating. The NSE Nifty Bank Index (.NSEBANK) fell 2.1%.

Investors will focus on telecommunications stocks, with the Supreme Court due to hear the Adjusted Gross Income (AGR) case later today. India’s highest court, in September last year, reaffirmed the dues payable by telecommunications companies Bharti Airtel (BRTI.NS) and Vodafone Idea (VODA.NS).

Investors are also considering the results of the Nifty 50 HCL Tech and HDFC Life components.

The monsoon session of India’s parliament begins on Monday with issues such as oil prices and the country’s COVID-19 status under discussion.

Asian stocks slipped to a one-week low on Monday, and assets seen as a safe haven, including the yen and gold, edged up amid fears of rising inflation and surging coronavirus cases, while oil prices have fallen amid oversupply concerns.

Report by Vishwadha Chander in Bengaluru; Editing by Shailesh Kuber

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