MARKET WRAP: Sensex loses 155 pts amid selling in banks; IBHFL tumbles 34%

All that happened in markets today.

Image SI Reporter New Delhi
hare brokers react to falling stock prices on screens of computers and television

Equity benchmark indices ended Monday's session in the negative territory owing to heavy selling in banking, pharma and realty counters. Further, lack of any catalysts and subdued global cues, too, restricted market participants from making fresh bets. 

The S&P BSE Sensex lost 155 points or 0.40 per cent to settle at 38,667, with YES Bank (down 15 per cent) being the biggest drag and Bharti Airtel (up 5 per cent) the top performer. During the day, the headline index of the BSE hit an intra-day high and low of 38,873.12 and 38,401.09, respectively. HDFC, ICICI Bank and HDFC Bank contributed the most to the index's loss while Infosys and Reliance Industries (RIL) gave the much-needed support. 

In the broader market, both small and mid-cap indices underperformed the frontline indices. The S&P BSE MidCap index ended at 14,104.13, down 162 points or 1.13 per cent while the S&P BSE SmallCap lost 161 points or 1.21 per cent to end at 13,171. 

On the NSE, the Nifty50 index closed at 11,477.25 levels, down 35 points or 0.31 per cent.

Among the sectoral indices, Nifty Bank lost nearly 800 points or 2.59 per cent to end at 29,103.85. Nifty PSU Bank index hit 52-week low in the intra-day session. The index closed at 2,293.85 levels, down 82.50 points or 3.47 per cent. Pharma stocks, too, bled in the session with the Nifty Pharma index ending at 7,549.20, down 146 points or 1.90 per cent. 

IT stocks, on the other hand, logged impressive gains with the Nifty IT index surging around 2 per cent to settle at 15,527.55 levels. The Nifty FMCG index also ended in the green.


Shares of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance came under pressure after the Reserve Bank of India (RBI) initiated prompt corrective action (PCA) plan on the former. Both LVB and Indiabulls Housing Finance are proposed to merge.

That apart, stocks of Indiabulls Group lost in the trade after the Delhi High Court agreed to hear public interest litigation (PIL) seeking special investigation team (SIT) probe into Indiabulls Housing Finance. Indiabulls Housing Finance saw its sharpest intra-day fall since listing, plunging 38 per cent to Rs 240, also its 52-week low on the BSE. At close, Indiabulls Housing settled at Rs 255.50, down over 34 per cent while LVB was locked in the lower circuit band of Rs 34.75, down 5 per cent. 

YES Bank hit a 10-year low in the intra-day trade on the BSE. At close, shares of the bank stood at Rs 41.45, down 15 per cent.


Asian stock markets, including China’s, were little changed on Monday, shrugging off news that the US administration is considering delisting Chinese companies from US stock exchanges. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while China's Shanghai stock index slipped 0.1 per cent. European shares were seen struggling when they open for trading. Pan-European Euro Stoxx 50 futures were down 0.11 per cent, German DAX futures down 0.08 per cent and FTSE futures 0.16 per cent lower.

(With inputs from Reuters)

4:02 PM

MARKET COMMENT | Vinod Nair, Head of Research, Geojit Financial Services

Having factored the knee-jerk benefit from corporate rate cut, market is consolidating based on setbacks in weakening financial & economic progress. We feel that 11,100 to 11,300 will be a strong support for Nifty50 in the near to medium-term, which can develop going forward based on sustainability of post festival demand.
4:01 PM

Sectoral losers and gainers on the NSE

4:01 PM

MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex

3:41 PM


The S&P BSE Sensex slipped 155 points or 0.40 per cent to end at 38,667.33, while NSE's Nifty50 index ended at 11,477.25, down 35 points or 0.31 per cent. 
3:12 PM

MARKET UPDATE | Nifty PSU Bank index hits 52-week low

3:08 PM

Corporate India is catious: Ashok Wadhwa, Ambit to CNBC-TV18

-- Tax cuts have to be followed through by land and labour reforms; 

-- Quick steps are needed to revive the real estate sector; 
3:06 PM

Emkay Global on Water Sector

Benefits of India’s renewed focus on developing water infrastructure should be multi-fold but largely back-ended over FY20-24. We believe companies in the E&C and pipes and pumps space should be the prime beneficiaries, within which, in our view, pipe/pump companies are a better way to play the theme over infrastructure players. L&T (Buy) is our preferred pick in the E&C space, while Jindal Saw, Tata Metalliks, and KSB are the key players (all unrated) active in pipes/pumps category.
2:57 PM

NEWS ALERT | Committed to grow our portfolio with solar, wind, bio-mass, bio-gas: Anil Ambani at 33rd Reliance Group AGM

-- Says, We are committed to grow our portfolio in the renewable energy space, making Reliance Power a “Future Green” company
2:55 PM

Reliance Group AGMs | Reliance Power

2:54 PM

IPO WATCH | IRCTC offer subscribed 58% so far on Day 1 of the bidding process

(Source: NSE)
2:48 PM

PMC Bank doesn't pose a systemic threat but it is a canary in the coal mine

The problem at PMC Bank only became apparent when the Reserve Bank of India last week banned depositors from taking out more than Rs 1,000 for six months without offering any explanation. That was a mistake.
Tiny and unlisted as it is, PMC is a popular option for small savers in the state of Maharashtra, whose capital Mumbai is the nation’s financial hub. With public and media pressure building, the RBI relaxed the withdrawal limit to Rs 10,000. In doing so, the regulator also gave a reason for the withdrawal curbs. These “were necessitated on account of major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposure,” it said. READ MORE
2:40 PM

Buzzing | L&T Finance Holdings trading near day's low

2:30 PM

NEWS ALERT | Kalpataru Power bags order worth Rs 775 crore

2:27 PM

NEWS ALERT | Steel Ministry seeks deferment of demerger/divestment of NMDC's Nagarnar steel plant: sources to CNBC TV18

-- Writes to DIPAM on Nagarnar steel plant

-- Says, demerger could impact project completion work

-- Divestment nod in 2016 had affected commissioning work; expect commissioning by June 2020

-- NMDC says, demerger could affect cash flows
2:22 PM

Market check

2:18 PM

NEWS ALERT | 1.1 % equity exchanged for Bharat Dalmia

-- 20.16 lakh shares (1.01% eq) worth Rs 169.23 cr trade at an average of Rs 825.50/sh
2:05 PM

Second wave of NPAs? SBI, BoB, YES Bank could be hit, Jefferies says

Given the elevated debt serviceability ratio (the higher the ratio the poorer the ability to sustain debt levels), the 'A' rated corporate are the most prone to further credit rating downgrades. The report, however, points out that debt or interest repayment abilities of 'BBB' and below rated companies have seen an improvement. READ MORE  

Banks, NPA, IBC
Illustration by Binay Sinha

1:55 PM

YES Bank continues to bleed, slips 15% to hit a 10-year low

In the past four days, the share price of YES Bank has tanked 26 per cent after YES Capital, one of the promoter entities of the private lender, sold nearly 2 per cent stake in the bank. In comparison, the S&P BSE Sensex was down 1 per cent during the same period. READ MORE  
1:40 PM

Market is watching out the fiscal deficit post the tax cuts: Nilesh Shah, Kotak AMC to CNBC-TV18

-- Market is expecting some follow-up steps from the govt; 

-- Removing LTCG at this stage may not lead to losses for the govt; 

-- Govt has taken a 'Bazooka' step w.r.t corporate tax cuts
1:35 PM

These stocks from BSE500 hit 52-week high today

First Published: Sep 30 2019 | 07:38 AM IST

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