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MARKET WRAP: Sensex slips 318 pts, Nifty below 11,600; YES Bank plunges 13%
Heavy selling was witnessed across the board with stocks of public sector banks, automobiles and metals slipping the most.
Bears took charge at D-Street on Thursday as fresh trade war concerns and mixed April-June quarter earnings eroded investors' confidence. Heavy selling was witnessed across the board with stocks of public sector banks, automobiles and metals slipping the most.
The benchmark S&P BSE Sensex closed 318 points, or 0.81 per cent, lower at 38,897 level with YES Bank, Tata Motors, ONGC, and Maruti being the top laggards. In an otherwise weak market, only HDFC, HDFC Bank and ITC remained the top gainers. The broader Nifty50, too, ended at 11,597 mark, down 91 points, or 0.78 per cent.
In the broader market, S&P BSE MidCap closed 179 points, or 1.23 per cent lower at 14,364 level while the S&P BSE SmallCap lost 158 points, or 1.15 per cent, to settle at 13,558 level.
Sectorally, PSU Banks slipped the most with the index closing 3.18 per cent lower. This was followed by Nifty Auto index (down 2.74 per cent) and Nifty Metal index (down 2.46 per cent). Nifty Financial Servcies index closed 0.11 per cent higher.
Shares of YES Bank plunged up to 15 per cent to Rs 84 per share iin early morning deals on the BSE on Thursday after the private sector lender reported 91 per cent YoY decline in net profit in the April-June quarter of financial year 2019-20. The stock was trading at its lowest level since April 21, 2014. READ MORE
Shares of Mindtree plunged 10 per cent to Rs 675, also its fresh 52-week low, in Thursday's early morning trade on the BSE, after the company’s consolidated net profit more than halved to Rs 93 crore in June quarter (Q1FY20), as compared to previous quarter. It had reported a profit of Rs 198 crore in the March quarter (Q4FY19). READ MORE
Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.
Japan's Nikkei index ended 2 per cent lower while South Korea's Kospi lost 0.31 per cent. China's Shanghai Composite, too, slipped 1.04 per cent.
(With inputs from Reuters)