Benchmark Indices Log First Loss In 4 Days; Yes Bank Dives 7 Per Cent - Eastern Mirror
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Benchmark indices log first loss in 4 days; Yes Bank dives 7 per cent

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By PTI Updated: Aug 20, 2019 11:18 pm

Mumbai, Aug. 20 (PTI):  Benchmark indices Sensex and Nifty clocked losses after three sessions of gains on Tuesday, with sell-offs in banking counters offsetting rise in auto and IT stocks amid investors awaiting stimulus measures to arrest economic slowdown.

Among the Sensex constituents, Yes Bank plummeted 7.11 per cent on concerns over its exposure to CG Power, which has been hit by financial irregularities. The bank holds 12.79 per cent stake in CG Power.

After opening on a positive note, the 30-share Sensex swung 292 points and finally settled 74.48 points, or 0.20 per cent, lower at 37,328.01. It hit an intra-day high of 37,511.55 and low of 37,219.90.

The broader NSE Nifty too ended 36.90 points, or 0.33 per cent, down at 11,017. During the day, it oscillated between a high of 11,076.30 and low of 10,985.30.

In the previous three sessions, the Sensex gained 444.33 points, or 1.20 per cent, while the Nifty advanced 128.05 points, or 1.17 per cent.

On Tuesday, Yes Bank was the biggest loser in the Sensex pack, plummeting up to 7.11 per cent, followed by IndusInd Bank, ITC, Axis Bank, Vedanta and ICICI Bank, which fell up to 2.43 per cent.

Top gainers included Maruti, Tata Motors, HCL Tech, Infosys, M&M, HUL, Hero MotoCorp, TCS and Kotak Bank, that rose up to 4.15 per cent.

Domestic markets continue to reel under pressure of slowing growth and the street consensus is that the government may come up with a special package to boost the economy. Q1FY20 Earnings too have been lack luster so far, market analysts said.

Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent.

While, BSE IT, auto, teck and consumer durables indices ended in the green.

Broader BSE midcap and smallcap indices closed up to 0.62 per cent lower.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out INR 305.74 crore on Monday, according to provisional exchange data.

“Volatility continued in the market as investors remained risk averse due to uncertainties over economic growth. While, IT index outperformed given its defensive tag helping investors to tide over the volatility. Good monsoon, transmission of the rate cuts and effective measures by government will add some stability to the market,” Vinod Nair, Head of Research, Geojit Financial Services, said.

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By PTI Updated: Aug 20, 2019 11:18:15 pm
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