Sensex recovers 900 points after plummeting 1,100 points intraday, DHFL nosedives 50% on liquidity fears; Nifty back at 11,000-levels
Mumbai: The BSE Sensex recovered nearly 900 points after plummeting over 1,100 points within a matter of minutes in afternoon session on major selloff in finance stocks, despite firm global cues and rupee recovery.
The 30-share index had plunged 1127.58 points, or 3.03 percent, to hit an intra-day low of 35,993.64. It, however, recovered nearly 900 points within minutes of the fall.
The index was trading 171.39 points, or 0.46 percent, lower at 36,949.83 at 1340 hrs.
The broader NSE Nifty cracked below the 11,000 mark, falling 367.90 points, or 3.27 percent, to touch a low of 10,866.45, before recovering over 300 points to traded near 11,169.90.
Heavy selling was witnessed in realty, healthcare, banking, IT, auto, tecj, power consumer durables, FMCG, capital goods, infrastructure, metal and PSU indices, which fell up to 3.65 per cent.
Yes Bank was the biggest Sensex loser, cracking 34 percent to hit a one-year low after the Reserve Bank on Wednesday curtailed the term of its founding CEO Rana Kapoor and asked the private sector lender to look for his replacement by January 2019.
Other banking stocks such as PNB, Federal Bank, Bank of Baroda, Kotak Bank and SBI, dropped up to 7.44 percent.
Other major losers were Adani Ports, Tata Motors, Infosys, Sun Pharma, SBI, Maruti Suzuki and HUL, falling up to 3.15 per cent.
Among hosing finance stocks, DHFL led the pack by tanking over 50 percent, followed by Indiabulls Housing Finance, Can Fin Homes, PNB Housing Finance and LIC Housing Finance cracking up to 17 percent.
Shares of housing finance firms fall sharply
The scrip of Dewan Housing Finance Corporation plummeted 59.67 percent to Rs 246.25 -- its 52-week low -- on BSE.
Among others, Indiabulls Housing Finance nosedived 35 percent, Gruh Finance tumbled 17.66 percent, Can Fin Homes plunged 14.55 percent, PNB Housing Finance tanked 9.23 per cent.
Market Roundup: Sensex ends 638 points higher, Nifty closes at 15,824; today’s top gainers and losers
The top gainers on the BSE were Tech Mahindra, Bajaj Finance, Bharti Airtel, Bajaj Finserv, and Tata Steel, while the top laggards were Hindustan Unilever, Asian Paint, Bajaj Auto, and Mahindra & Mahindra
BSE Sensex closed at 52,198.51 with a loss of 354.89 points or 0.68 percent
Market Roundup: Sensex drops nearly by 600 points, Nifty closes at 15,752; today's top gainers and losers
At the closing bell, Sensex went down by a whopping 586 points and was at 52,533.40. On the other hand, Nifty ended at 15,752.40 after decreasing by 1.07 percent