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MARKET WRAP: Sell-off continues, Sensex tumbles 306 pts as financials drag
All that happened in markets today.
Extending their losing streak to the third session in a row, the domestic stock market ended lower on Monday with the frontline indices tumbling nearly a per cent amid selling in bluechip counters such as HDFC duos, Bajaj Finance, Hindustan Unilever (HUL) and ITC.
The S&P BSE Sensex lost 306 points or 0.80 per cent to settle at 38,031 with HDFC (down 5 per cent) being the biggest loser and YES Bank (up nearly 9.50 per cent) the top gainer. The broader Nifty50 index of the National Stock Exchange (NSE) slipped 82 points or 0.72 per cent to settle at 11,337 levels.
In the broader market, the S&P BSE MidCap index slipped 84 points, or 0.60 per cent, to 13,994.18, while the S&P BSE SmallCap index ended at 13,157 levels, down 154 points or 1.15 per cent. The S&P BSE Smallcap index hit its lowest level since February 2017 during the trade. READ MORE
Analysts attributed an investor-unfriendly Budget, coupled with muted June quarter earnings among the major factors behind nervousness in the market. Moreover, weak global cues also added to the investors' woes.
Volatility index India VIX surged 4.49 per cent to 13.07, signalling increased volatility in the market.
Sectorally, financial services stocks tumbled the most, followed by banks, FMCG and realty stocks. The Nifty Financial Services index shed 341 points or 2.57 per cent to settle at 12,893.75 levels. HDFC, Bajaj Finserv and Edelweiss Financial Services plunged up to 6 per cent.
Shares of Cox & Kings were frozen at 5 per cent lower circuit for the 19th straight day on the BSE to hit a new low of Rs 16.30 on Monday after Brickwork Ratings downgraded the rating to BWR D for non convertible debentures (NCDs) issue amounting to Rs 50 crore of the company.
Shares of RBL Bank continued to reel under pressure, down 5 per cent, to Rs 470 in intra-day trade on Monday. The stock has fallen 19 per cent in the past two trading days after the bank, on Friday, said it expects some challenges on some of their exposures in the near term. Shares of the bank ended at Rs 478.05 apiece, down 4.46 per cent on BSE.
YES Bank, on the other hand, gained 9.50 per cent to settle at Rs 91.15 apiece on the BSE.
Asia stocks fell on Monday as investors scaled back expectations of an aggressive interest rate cut by the Federal Reserve, while heightened Middle East tensions following Iran’s seizure of a British tanker lifted crude oil prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4%. Japan’s Nikkei fell 0.3% while China's Shanghai Composite Index lost 1.1%. Hong Kong’s Hang Seng dropped 0.9%. South Korea’s KOSPI shed 0.1%.
(With inputs from Reuters)