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MARKET: Sensex slips 194 pts as financials fall; Nifty Bank tanks 813 pts

All that happened in the markets today

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Markets | Coronavirus | YES Bank

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

The Indian stock market ended around 0.5 per cent lower on Monday, mainly on selling in financial counters. Financial stocks took a beating after the Reserve Bank of India (RBI) in the bi-annual Financial Stability Report (FSR) released on Friday, said the gross NPA ratio of banks may increase from 8.5 per cent in March to 12.5 per cent by March 2021 under the baseline scenario, but it could worsen to as much as 14.7 per cent under a “very severely stressed scenario. READ MORE

The S&P BSE Sensex fell 194 points or 0.51 per cent to settle at 37,935 while NSE's Nifty ended at 11,132, down 62 points, or 0.56 per cent. India VIX surged over 2 per cent to 25.05 levels. 

Among individual stocks, ended over 3.5 per cent lower at Rs 1,079 on the BSE after its managing director and chief executive officer Aditya Puri sold off nearly 95 per cent of his stake in the bank valued at Rs 842.7 crore. READ MORE 

ICICI Bank tanked over 6 per cent to Rs 358.50 on the BSE after the private sector lender posted 14 per cent rise in profit before tax (PBT) at Rs 3,183 crore in the quarter ended June 2020 (Q1FY21).

Asian Paints advanced nearly 4 per cent to Rs 1,778 on the BSE on Monday in an otherwise weak market on sharper than expected recovery and healthy commentary. READ MORE

Persistent Systems ended nearly 11 per cent higher at Rs 857 after the company reported a strong set of numbers for the quarter ended June 2020 (Q1FY20). 

In the broader market, the S&P BSE MidCap index slipped 1 per cent to 13,565 levels while the S&P BSE SmallCap index ended at 12,840, down 1 per cent. 

Sectorally, Nifty Bank plunged 813 points or 3.6 per cent to 21,849 levels. On the other hand, Nifty IT gained nearly 2 per cent to 17,627 while Nifty Metal ended at 2,094.40, up 0.33 per cent. 

Global markets

Global shares traded mixed on Monday. In Europe, shares slipped with travel stocks leading the declines after Britain imposed a quarantine on travellers returning from Spain, where cases of the novel have surged in the last few weeks.

In Asia, stocks were mixed as a 10 per cent rally in Taiwanese chip heavyweight TSMC cheered some other tech shares across the region, which helped prop up the broader market with MSCI’s ex-Japan Asia-Pacific index rising 0.4 per cent.

S&P500 futures were last up 0.4 per cent in choppy trade while Japan’s Nikkei fell 0.5 per cent.

In commodities, gold soared to an all-time high of $1,943 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe haven assets, especially those not tied to any specific country.

Oil prices, on the other hand, edged lower. 

(With inputs from Reuters)

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