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Sensex drops 155 points, Nifty slips below 11,500-mark; Yes Bank, IndusInd, SBI, ICICI among top losers

  • Starting the session marginally higher, the 30-scrip Sensex soon came under robust selling pressure and fell as many as 472 points in intra-day trade

  • It swung between a high of 38,873.12 and a low of 38,401.09, before finally closing at 38,667.33, showing a decline of 155.24 points or 0.40 percent

  • The NSE's 50-share Nifty closed at 11,474.45, falling 37.95 points or 0.33 percent

Mumbai: Equity benchmark Sensex fell over 155 points on Monday to close at 38,667.33 due to a massive sell-off in banking stocks as investors turned cautious on the financial services space.

Likewise, the NSE gauge Nifty shed 38 points to close below the psychologically key 11,500-mark.

Starting the session marginally higher, the 30-scrip Sensex soon came under robust selling pressure and fell as many as 472 points in intra-day trade. It swung between a high of 38,873.12 and a low of 38,401.09, before finally closing at 38,667.33, showing a decline of 155.24 points or 0.40 percent.

 Sensex drops 155 points, Nifty slips below 11,500-mark; Yes Bank, IndusInd, SBI, ICICI among top losers

Representational image. Reuters.

The NSE's 50-share Nifty closed at 11,474.45, falling 37.95 points or 0.33 percent.

On the Sensex chart, Yes Bank was the biggest loser with over 15 percent drop. Other major losers were IndusInd Bank, SBI, ICICI Bank, Sun Pharma, HDFC and Axis Bank, losing up to 6.84 percent.

In contrast, Bharti Airtel was the top gainer, spurting 5.29 percent.

IT stocks HCL Tech, TCS and Infosys also finished in the green.

In the broader market, the BSE Smallcap index was the worst hit with a drop of 1.17 percent, followed by the midcap gauge, which fell 1.12 percent. BSE Largecap too underperformed the benchmark, sliding 0.42 percent.

Sectorally, bankex suffered the most by dropping 2.62 percent, followed by finance 2.44 percent and realty 1.63 percent.

On the other hand, telecom was among the top sectoral gainers, rising 4.60 percent. IT index rose 2.62 percent.

Of the 19 sectoral gauges compiled by the BSE, 13 closed in the red and six ended higher.

Recent government measures to prop up the slowing economy could not cheer the markets and investors are keenly awaiting the RBI monetary policy for further cues, analysts said.

Besides, earnings announcements for the quarter ended September are scheduled to begin next week, which will also decide the market course going ahead, they added.

Analysts also attributed the sluggishness in Indian equities to subdued global cues.

Asian stocks ended mixed as investors continued to watch developments on the US-China trade front. Reports said the White House was considering curbs on US investments in China.

The Indian rupee was trading 17 paise lower (intra-day) at 70.75 against the US dollar.

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Updated Date: Sep 30, 2019 16:42:38 IST