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MARKET WRAP: Sell-off continues, Sensex loses 199 pts, Nifty ends at 11,313
All that happened in markets today
Weak global cues, selling in index heavyweights such as HDFC twins, Infosys, and Axis Bank and cautiousness ahead of the release of RBI monetary policy due Friday weighed on the investor sentiment on Thursday. While select stocks such as YES Bank and Abott India had a dream run today, the broader market sentiment remained weak.
The benchmark S&P BSE Sensex lost 199 points or 0.52 per cent to settle at 38,106.87, with Vedanta (down around 5 per cent) being the top drag and YES Bank (up 33 per cent) the biggest gainer. During the day, the index hit an intra-day high and low of 38,310.93 and 37,957.56, respectively.
YES Bank logged the biggest ever one-day gain after its chief executive officer (CEO) Ravneet Gill assured investors that the bank remains on solid financial footing. The stock ended at Rs 42.55 apiece on the BSE, up 33 per cent.
Market breadth remained in favour of the bears as out of 2,651 companies traded on the BSE, 961 advanced and 1,530 declined while 160 scrips remained unchanged.
In the broader market, the S&P BSE MidCap index closed at 13,844.48, down 42 points or 0.30 per cent while the S&P BSE SmallCap index shed 49 points or 0.38 per cent to end at 12,910.18.
On the NSE, the Nifty50 index ended at 11,313.10, down 47 points or 0.41 per cent. Volatility index India VIX jumped nearly 6 per cent to 17.70 levels.
On the sectoral front, most sectoral indices on the NSE ended in the red with metal stocks leading the decline. The Nifty Metal index slipped 3 per cent to 2,325 levels, with 14 out of 15 components ending in the red. Nifty Fin Service index dropped over 1 per cent to 12,843.55 levels. On the other hand, realty stocks surged the most with the Nifty Realty index gaining over 1 per cent to 250.90 levels.
Shares of IndusInd Bank slipped for the fourth straight day, hitting an over two-year low of Rs 1,220 during the intra-day trade on concerns over exposure to stressed sectors. The stock eventually settled at Rs 1,256.60 apiece on the BSE.
Shares of Abbott India hit an all-time high of Rs 11,297, up 4 per cent on the BSE on Thursday in an otherwise range-bound market, on hopes that high growth momentum will continue. The scrip ended at Rs 10,926, up over half a per cent.
Click here to read about other stocks that made a buzz during the day