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MARKET WRAP: Sensex, Nifty pare losses, end flat; YES Bank slips 30%
All that happened in the markets today
The benchmark indices closed Tuesday's session marginally lower. Both Sensex and Nifty spent the majority of their day in the negative zone, with the former sliding almost 300 points at one point, dragged down by financials. However, buying in metal stocks and OMCs lifted the indices in the last hour of trade but couldn't pull the indices out of the red zone.
The S&P BSE Sensex ended the day at 39,032, down 36 points, or 0.09 per cent, with YES Bank, IndusInd Bank, Hero MotoCorp, Maruti Suzuki India, and Powergrid being among the top losers. The broader Nifty50 also slid 6.5 points, or 0.06 per cent, to 11,748. About 1,326 stocks fell and 468 shares declined on the NSE.
Among sectoral indices, the biggest loser was the Nifty PSU Bank index, down 3.34 per cent, while Nifty Realty also fell 2.3 per cent.
The broader markets undperformed the benchmark indices, with the S&P BSE MidCap index slipping 175 points, or 1.16 per cent, to 14,889, while the S&P BSE SmallCap index was ruling at 14,625, down 189 points, or 1.27 per cent.
YES Bank shares tanked 29.2 per cent to Rs 168 on the National Stock Exchange (NSE) after the bank reported a whopping Rs 1,506 crore net loss for the March quarter (Q4FY19) as provisions soared over nine times. The private sector bank posted its first-ever quarterly loss during the quarter. It had posted a profit of Rs 1,179 crore in the year-ago period. READ MORE
Eveready Industries shares plunged 20 per cent to Rs 116.85 after rating agency India Ratings and Research (Ind-Ra) downgraded the company's long-term credit rating with negative outlook. READ MORE
Shares in Asia fell on Tuesday as readings on China’s manufacturing activity failed to meet expectations, underscoring weakness in the world’s second-largest economy despite Beijing’s attempts to spur growth.
MSCI’s broadest gauge of Asia-Pacific shares outside Japan was off 0.7 per cent. Korean shares led losses for the region, falling 1.3 per cent. Australian equities fell 0.6 per cent.
(With inputs from Reuters)