Sensex Falls Over 200 Points, Nifty Slides Below 11,700
Domestic stock markets started Tuesday’s session on a weak note dragged lower by Yes Bank whose shares plunged after the private sector bank reported a quarterly net loss. The S&P BSE Sensex fell as much as 219.47 points to 38,847.86 in early deals, while the NSE Nifty moved to 11,686.65, down 68 points from the previous close. Selling in banking and auto stocks pushed the markets lower, however buying in energy stocks kept the downside in check.
Indiabulls Housing Finance, IndusInd Bank, Bharti Infratel, Sun Pharma, Maruti Suzuki and Hero MotoCorp 2.15 5.82
At 9:42 am, the Sensex traded 186.77 points lower at 38,880.56 and the Nifty was down 55.60 points at 11,699.05. Besides Yes Bank, Indiabulls Housing Finance, IndusInd Bank, Bharti Infratel, Sun Pharma, Maruti Suzuki and Hero MotoCorp – trading between 2.15 per cent and 5.82 per cent lower – were among the prominent laggards on the 50-scrip index at the time.
Yes Bank, Reliance Industries, IndusInd Bank were the top contributors to the declines on Sensex.
Shares in Yes Bank plunged as much as 29.76 per cent in morning deals, after the private sector lender reported a net loss of Rs. 1,506 crore for the quarter ended March 31 as provisions soared over nine-times. Yes Bank had posted a net profit of Rs. 1,179 crore for the corresponding period a year ago.
Equities in other Asian markets fell with MSCI’s broadest gauge of Asia-Pacific shares outside Japan dropping 0.7 per cent, after weak Chinese manufacturing data underscored weakness in the world’s second-largest economy.
Japan’s financial markets remained closed for a national holiday.
The Sensex and Nifty had closed 0.87 per cent and 0.97 per cent higher on Friday respectively. The domestic financial markets remained closed on Monday as nine states including Maharashtra voted under Phase 4 of the general election.
(With inputs from Reuters)