Key benchmark indices witnessed heavy sell off in the mid-afternoon trade. The Nifty slumped below 11,300 mark. The Nifty now trades below its 100-day simple moving average placed at 11,406.32 and it is close to its 200-day simple moving average placed at 11,254.44.
At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 638.42 points or 1.65% at 38,028.91. The Nifty 50 index fell 199.20 points or 1.74% at 11,275.25.
Broader markets tumbled. The S&P BSE Mid-Cap index was down 2.47%. The S&P BSE Small-Cap index was down 2.5%.
The market breadth was dismal. On the BSE, 532 shares rose and 1839 shares fell. A total of 136 shares were unchanged. In Nifty 50 index, only 7 stocks advanced while 43 stocks declined.
Shares of Yes Bank tanked 20.75% after the company's promoter & promoter group sold 2.16% stake in the company. As per the bank's exchange filing, YES Capital (India), Morgan Credits and Rana Kapoor have together sold 5.52 crore shares, or 2.16% stake in Yes Bank via open markets on 26 and 27 September 2019. Prior to the stake sale, the Promoter & Promoter Group held 6.89% stake in Yes Bank. After the stake sale, the Promoter & Promoter Group held 4.72% stake in the Bank.
Yes Bank has crashed 41.39% in five trading session from a recent closing high of Rs 56.05 on 24 September 2019.
RBL Bank slumped 12.90% to Rs 286.35.
SML Isuzu declined 3.37% after announcing September 2019 sales data. The company reported a 39.4% decline in sales at 614 units in the month of September 2019 as compared to 1014 units in September 2018.
Escorts gained 2.2% after the company reported September 2019 tractor sales numbers. Escorts' domestic tractor sales rose 1.2% to 10,521 units in September 2019 as against 10,396 units in September 2018. The company's tractor exports grew 51.1% to 334 units in September 2019 as against 221 units in September 2018.
In the foreign exchange market, the partially convertible rupee edged lower and was hovering at 70.9650, compared with its close of 70.870 during the previous trading session.
Meanwhile, the yield on 10-year benchmark federal paper fell to 6.657% at 13:57 IST compared with 6.695% at close in the previous trading session.
In the commodities market, Brent crude for December 2019 settlement was up 57 cents at $59.82 a barrel. The contract fell 1.83% to settle at $60.78 a barrel in the previous trading session.
MCX Gold futures for 4 October 2019 settlement fell 0.04% at Rs 36,900.
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