The Indian market closed in the red after a volatile session as Kotak Mahindra Bank saw a steep fall after results. The benchmark Nifty ended 23 points lower at 10,957 points after trading in a range of 71 points, and the Sensex had a trading range of 236 points before slipping 22 points to 36,351.
The major drag in market came from financials, capital goods and IT sectors. Among financials, Kotak Mahindra was the top loser as the company saw the lowest net interest income growth in the past eight quarters.
Bajaj Finance also reported loan growth on the lower side in comparison to the last six quarters. The stock slipped to a low of Rs 2,357.50 per share post earnings before recovering 7 percent to close with a gain of 1.3 percent at the record closing high of Rs 2,520 per share.
In the broader markets, Nifty Midcap Index saw a fall of 131 points to 17,887 while Nifty Bank slipped 91 points to 26,790. Mindtree was the biggest loser amongst midcaps as the management indicated sales growth falling in the July-September quarter due to a high base in the quarter ended June.RBL Bank closed 1.4 percent lower amid volatility seen after earnings.
In the futures, Nifty 11,000 call option added nine lakh shares in the open interest with premium falling 2 percent while Nifty 11,000 Put option added five lakh shares with premium falling 6 percent.
Nifty July Futures premium expanded to 26 points from the discount 2 points on Wednesday.
On the global front, Asian stocks closed mixed, with major markets fading after initially trading higher on the back of Wall Street's earnings-led advance, while Chinese shares extended their losing streak.
The Nikkei 225 slipped into negative territory after gaining during morning trade, closing lower after four straight sessions of gains. The benchmark closed lower by 0.1 percent at 22,765.
Declines in consumer stocks and power companies weighed on the benchmark, although banks, steelmakers and semiconductor industry plays held onto gains, with Advantest rising 3.4 percent.
Over in South Korea, the Kospi edged lower by 0.3 percent to close at 2,282 despite large cap tech stocks advancing. Steelmakers dropped after the European Union said it would initiate measures to target steel imports after the US administration imposed tariffs on steel and aluminum earlier this year. Posco finished the day lower by 1.4 percent.
Hong Kong's Hang Seng Index closed lower by 0.4 percent at 28,011, the consumer and services stocks leading the declines. Mainland China indexes saw steeper losses. The Shanghai composite shed 0.5 percent to close at 2,773, marking a fifth straight session of declines.The Shenzhen composite finished the day down 0.8 percent. Airline stocks slumped amid the weaker yuan, with Air China and China Eastern Airlines falling 5.03 percent and 5 percent, respectively. Amid the declines, Australia's S&P/ASX 200 bucked the trend to advance 0.3 percent to 6,263 as industrials and heavily weighted financials rose.