Sensex plunges over 400 points, Nifty sinks 117 points; HDFC Bank top loser, cracks 3% on reports of rise in NPAs

Sensex was trading 373.14 points or 0.97 percent lower at 37,963.87 at 0930 hours

Press Trust of India July 22, 2019 10:25:38 IST
Sensex plunges over 400 points, Nifty sinks 117 points; HDFC Bank top loser, cracks 3% on reports of rise in NPAs
  • Sensex was trading 373.14 points or 0.97 percent lower at 37,963.87 at 0930 hours

  • The broader Nifty also sank 116.80 points or 1.02 percent to 11,302.45

  • HDFC Bank cracked up to 3 percent, after the lender reported a rise in non-performing assets (NPAs)

Mumbai: Domestic equity benchmark BSE Sensex plunged over 400 points in early trade on Monday amid heavy foreign fund outflow and weak domestic as well as global cues.

The 30-share index was trading 373.14 points or 0.97 percent lower at 37,963.87 at 0930 hours, and the broader Nifty also sank 116.80 points or 1.02 percent to 11,302.45.

In the previous session, the 30-share index cracked 560.45 points or 1.44 percent to settle at 38,337.01. Similarly, the broader NSE Nifty sank 177.65 points or 1.53 percent to 11,419.25. This was the second-biggest fall for the Sensex in 2019. The index had plunged 792.82 points on July 8 following the Budget.

In early trade, HDFC Bank was among the top losers in the Sensex pack, cracking up to 3 percent, after the lender reported a rise in non-performing assets (NPAs).

During the quarter, gross NPAs rose to Rs 11,768.95 crore which is 1.40 percent of the total advances, compared with Rs 9,538.62 crore which was 1.33 percent in the same quarter 2018-19 fiscal.

Sensex plunges over 400 points Nifty sinks 117 points HDFC Bank top loser cracks 3 on reports of rise in NPAs

Representational image. Reuters.

Other losers included Bajaj Finance, HDFC, IndusInd Bank, Kotak Bank, ONGC, HUL, ITC, NTPC, Bharti Airtel and ICICI Bank, falling up to 2.85 percent.

On the other hand, Vedanta, Tata Motors, Yes Bank, Sun Pharma, Hero MotoCorp, Asian Paints and Maruti were among the top gainers, rising up to 3.54 percent.

On a net basis, foreign institutional investors sold equities worth Rs 950.15 crore, while domestic institutional investors purchased shares to the tune of Rs 733.92 crore, provisional data available with stock exchanges showed Friday.

According to experts, the selloff by foreign funds was due to the government's reluctance to tweak foreign portfolio investors (FPIs) income tax surcharge.

The deficiency in monsoon rain and weak corporate earnings have also impacted the risk sentiment, they said.

With domestic investors already battling concerns of a slowing economy, markets are witnessing broad-based selling, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. "The market reaction post-the BJP victory in 2019 is in stark contrast to the bullish tenor in 2014, and market participants expecting a repeat of 2014 are clearly disappointed, he said.

Meanwhile, the Indian rupee depreciated 22 paise (intra-day) to 69.02 against the US dollar.

The global oil benchmark Brent crude futures were trading 1.34 percent higher at 63.31 per barrel.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei, and Kospi were trading in the red in their respective early sessions.

Updated Date:

also read

Sensex up by 958 points, Nifty ends at 17,822; check top gainers and losers
India

Sensex up by 958 points, Nifty ends at 17,822; check top gainers and losers

BSE MidCap rose by 323.16 points or 1.28 percent to end at 25,489.70 while BSE SmallCap gained 252.82 points to rise by 0.91 percent to 28,108.92

Market roundup: Sensex ends 514 points higher, Nifty at 17,562; today's top gainers and losers
Business

Market roundup: Sensex ends 514 points higher, Nifty at 17,562; today's top gainers and losers

Sensex went up by 514.34 points to end at 59,005.27 while Nifty ended at 17,562.00 after a gain of 165.10 points.

Market roundup: Sensex falls by 524 points, Nifty ends at 17,396; top gainers and losers
Business

Market roundup: Sensex falls by 524 points, Nifty ends at 17,396; top gainers and losers

Sensex fell by 524.96 points to end at 58,490.93 while Nifty ended at a loss of 188.25 points at 17,396.90.