Sensex, Nifty snap three-day rising streak amid concerns over looming global recession; Yes Bank, Vedanta among top losers

Markets settled lower on Wednesday after three straight days of gains tracking heavy losses in metals, energy, banking and auto counters amid concerns over a looming global recession.

#MarketAtClose | Market snaps three-day gaining streak, #Nifty ends below 11,100 pic.twitter.com/GnNsaa60nQ

— CNBC-TV18 (@CNBCTV18Live) August 28, 2019

After a choppy session, the 30-share Sensex settled 189.43 points, or 0.50 percent, lower at 37,451.84. It hit an intra-day high of 37,687.82 and low of 37,249.19, reported PTI.

Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 percent, to 11,046.10. During the day, it rose to a high of 11,129.65 and touched a low of 10,987.65.

Yes Bank was the biggest loser in the Sensex pack, plunging 7.47 percent, after Moody’s Investors Service downgraded the lender’s long-term foreign-currency issuer rating, terming the bank’s outlook as negative.

Vedanta, Tata Steel, Tata Motors, ONGC, M&M, Maruti, NTPC and HUL too fell up to 4.06 percent.

On the other hand, HCL Tech, Infosys, Tech Mahindra, HDFC, TCS and Asian Paints rose up to 2.61 percent.

The Nifty metals index ended down 3.36 percent with all the 14 constituents in the red, while the Nifty auto index fell by 2.34 percent.

According to traders, besides stock-specific sell-off, fears of an impending global recession kept investors nervous.

A unit of Fitch Ratings, India Ratings and Research, lowered its FY20 Gross Domestic Product (GDP) growth forecast for the country to 6.7 percent from 7.3 percent, souring domestic sentiment, reported Reuters.

GDP data for the April-June quarter is due on Friday, and the economy likely expanded at its slowest pace in more than five years during the period, driven by weak investment growth and sluggish demand, according to a Reuters poll.

Elsewhere in Asia, Shanghai Composite Index and Hang Seng ended in the red, while, Kospi and Nikkei settled on a positive note.

Equities in Europe were trading in the negative zone in their respective early sessions.

Meanwhile, the Indian rupee depreciated 27 paise to 71.75 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 1.07 percent to $59.66 per barrel.

— With inputs from agencies