Sensex tanks 554 pts, biggest one-day fall in 2019, despite RBI rate cut
All that happened in the markets today
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Benchmark indices posted their biggest one-day loss in 2019, dragged down by financials and bank stocks even though the monetary policy committee (MPC) of the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points (bps) to 5.75 per cent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20).
Financials drop post DHFL crisis, liquidity issues, and trimmed GDP growth projections were among the major factors that dragged the markets lower on Thursday. READ THE FULL REPORT HERE
The benchmark S&P BSE Sensex slipped 554 points, or 1.38 per cent, to 39,530, with IndusInd Bank, Tata Steel, YES Bank, Larsen & Toubro, and State Bank of India were among the top losers. Only eight of the 30 BSE Sensex constituents ended the day in the green. The broader Nifty50 index tumbled 178 points, or 1.48 per cent, to 11,844.
All the Nifty sectoral indices ended Thursday's session with losses, led by Nifty PSU Bank, down 4.9 per cent, and followed by Nifty Private Bank, down 2.29 per cent.
In the broader market, the S&P BSE MidCap index tumbled 269 points, or 1.77 per cent, to 14,931, while the S&P BSE SmallCap index settled at 14,673, down 238 points, or 1.6 per cent.
Buzzing stocks
Shares of Dewan Housing Finance Corporation (DHFL) tanked 15.86 per cent to Rs 93.90, hitting an over five-year low on the BSE after rating agencies downgraded its commercial papers (CP), citing delays in debt servicing. The stock was trading at its lowest level since December 23, 2013 on the BSE. READ MORE
Shares of Eros International Media were hammered by heavy selling during the early morning deals on Thursday after ratings company CARE cut its long-term loan facilities ratings from 'BBB-' to 'D'. The stock was locked in the lower circuit of 20 per cent at Rs 53.10 per share on the BSE, which was also its lifetime low. READ MORE
Shares of GAIL (India) hit an over three-month low of Rs 316.3, down 11.77 per cent, on the BSE on the back of heavy volumes. The stock was quoting at its lowest level since February 26, 2019. READ MORE
Financials drop post DHFL crisis, liquidity issues, and trimmed GDP growth projections were among the major factors that dragged the markets lower on Thursday. READ THE FULL REPORT HERE
The benchmark S&P BSE Sensex slipped 554 points, or 1.38 per cent, to 39,530, with IndusInd Bank, Tata Steel, YES Bank, Larsen & Toubro, and State Bank of India were among the top losers. Only eight of the 30 BSE Sensex constituents ended the day in the green. The broader Nifty50 index tumbled 178 points, or 1.48 per cent, to 11,844.
All the Nifty sectoral indices ended Thursday's session with losses, led by Nifty PSU Bank, down 4.9 per cent, and followed by Nifty Private Bank, down 2.29 per cent.
In the broader market, the S&P BSE MidCap index tumbled 269 points, or 1.77 per cent, to 14,931, while the S&P BSE SmallCap index settled at 14,673, down 238 points, or 1.6 per cent.
Buzzing stocks
Shares of Dewan Housing Finance Corporation (DHFL) tanked 15.86 per cent to Rs 93.90, hitting an over five-year low on the BSE after rating agencies downgraded its commercial papers (CP), citing delays in debt servicing. The stock was trading at its lowest level since December 23, 2013 on the BSE. READ MORE
Shares of Eros International Media were hammered by heavy selling during the early morning deals on Thursday after ratings company CARE cut its long-term loan facilities ratings from 'BBB-' to 'D'. The stock was locked in the lower circuit of 20 per cent at Rs 53.10 per share on the BSE, which was also its lifetime low. READ MORE
Shares of GAIL (India) hit an over three-month low of Rs 316.3, down 11.77 per cent, on the BSE on the back of heavy volumes. The stock was quoting at its lowest level since February 26, 2019. READ MORE
4:04 PM
» More on 52 Week Low
Stocks that hit 52-week low on S&P BSE Sensex
| COMPANY | PRICE(rs) | 52 WK LOW | CHG(rs) | CHG(%) |
|---|---|---|---|---|
| BAYER CROP SCI. | 3680.00 | 3601.00 | -21.15 | -0.57 |
| CENTRAL BANK | 24.75 | 24.50 | -0.55 | -2.17 |
| DEWAN HSG. FIN. | 93.90 | 91.50 | -17.70 | -15.86 |
| ERIS LIFESCIENCE | 510.10 | 500.00 | 4.15 | 0.82 |
| FORTIS HEALTH. | 121.90 | 121.90 | -2.25 | -1.81 |
4:03 PM
» More on Top Losers
Top losers on BSE500
| COMPANY | PRICE(rs) | CHG(rs) | CHG(%) | VOLUME |
|---|---|---|---|---|
| DEWAN HSG. FIN. | 93.90 | -17.70 | -15.86 | 6582147 |
| HIMATSING. SEIDE | 167.00 | -26.65 | -13.76 | 255664 |
| RELIANCE INFRA. | 84.95 | -12.05 | -12.42 | 3451026 |
| GAIL (INDIA) | 316.30 | -42.20 | -11.77 | 1681262 |
| FDC | 183.65 | -19.75 | -9.71 | 22610 |
4:02 PM
Heatmap: S&P BSE Sensex
4:01 PM
Nifty sectoral indices at close
4:01 PM
Market at close
3:33 PM
Market at close
The S&P BSE Sensex ended at 39,530, down 554 points while the broader Nifty50 index settled at 11,847, down 175 points.
3:13 PM
Anand Rathi on RBI rate cut
"RBI carried out the third successive rate cut. Low inflation and subdued growth are the drivers of the move. Yet, the real concern is lack of transmission of rate cuts into effective lending rate. Liquidity conditions also remain tight for large part of the corporate sector. Effective transmission and adequate liquidity remain key challenges."
-- Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers
3:06 PM
NEWS ALERT | Infosys in pact with Microsoft for digital services for real estate firms: CNBC TV18
2:58 PM
RBI to issue revised circular on NPA resolution norms in 3-4 days: Das
The Reserve Bank will issue a revised circular on bad loan recognition within the next three-four days, replacing the February 12 circular that was struck down by the apex court.
On April 2, the Supreme Court had declared as "ultra vires" the February 12 circular that mandated banks to label even a day's default as NPA. READ MORE
2:53 PM
NEWS ALERT | Crisil reaffirms Tata Power's long-term loan rating at AA-
- Revises the outlook to positive from stable
2:52 PM
NEWS ALERT | Bank Rate is revised downwards by 25 bps from 6.25% to 6.00% with immediate effect: RBI
2:50 PM
NEWS ALERT | RBI to release minutes of the MPC meeting on June 20
2:47 PM
RBI to issue draft guidelines for ‘on tap’ licensing of Small Finance Banks by the end of August 2019
2:41 PM
Nifty PSU Bank index slips 5% post RBI policy outcome
2:39 PM
NEWS ALERT |New cabinet committee readying plan for revival of MTNL, BSNL, reports CNBC TV18 quoting DoT official
- The revivial is being planned through proposed equity infusion of 4G spectrum.
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First Published: Jun 06 2019 | 6:54 AM IST
