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Home > Markets > Sensex tanks 470 points; Yes Bank plunges 15 per cent
Markets
Sensex tanks 470 points; Yes Bank plunges 15 per cent
By  
PTI   , Published : Sep 19, 2019, 4:19 pm IST | Updated : Sep 19, 2019, 4:19 pm IST

According to experts, stock-specific sell-off in index heavyweights dragged key indices lower.

Other losers in the Sensex pack included Tata Steel, Maruti, SBI, RIL, Tech Mahindra, ONGC, Vedanta, Bajaj Finance, Hero MotoCorp and TCS, falling up to 3.66 per cent. (Photo: File | PTI)
Other losers in the Sensex pack included Tata Steel, Maruti, SBI, RIL, Tech Mahindra, ONGC, Vedanta, Bajaj Finance, Hero MotoCorp and TCS, falling up to 3.66 per cent. (Photo: File | PTI)

Mumbai: Market benchmark BSE Sensex plunged 470 points on Thursday, dragged by a heavy sell-off in banking and energy stocks amid incessant foreign fund outflows.

After gyrating 626 points, the 30-share Sensex ended 470.41 points, or 1.29 per cent, lower at 36,093.47. The index hit an intra-day low of 35,987.80 and a high of 36,613.93. Similarly, the broader NSE Nifty plunged 135.85 points, or 1.25 per cent, to settle at 10,704.80.

Shares of Yes Bank tanked over 15.52 per cent after a Moody's report said Altico default may be credit negative for banks given their significant exposure to the real estate sector.

Among the banks Moody's rates, Yes Bank and IndusInd Bank have the largest direct exposure to commercial real estate and will be susceptible to asset quality difficulties if the sector continues to slow, the agency said.

ICICI Bank and Axis Bank are also significantly exposed to the sector, with commercial real estate loans making up over 5 per cent of their overall loans. IndusInd Bank, ICICI Bank and Axis Bank fell up to 3.59 per cent.

Other losers in the Sensex pack included Tata Steel, Maruti, SBI, RIL, Tech Mahindra, ONGC, Vedanta, Bajaj Finance, Hero MotoCorp and TCS, falling up to 3.66 per cent.

Tata Motors, HDFC Bank, Bharti Airtel and Asian Paints were the only gainers, rising up to 1.97 per cent.

According to experts, stock-specific sell-off in index heavyweights dragged key indices lower.

Market sentiment also turned weak after the US Federal Reserve slashed the policy rate by 25 basis points but dimmed hopes for further rate cuts as it took a cautious approach to further reductions in borrowing costs. Unabated foreign fund outflow too weighed on market sentiment here, traders said.

On Wednesday, foreign portfolio investors (FPI) sold shares worth a net of Rs 959.09 crore, while domestic institutional investors bought equities worth Rs 780.45 crore, provisional data showed.

Meanwhile, Brent crude futures gained 1.98 per cent to USD 64.81 per barrel (intra-day). The rupee depreciated 6 paise (intra-day) to trade at 71.30 per US dollar.

Elsewhere in Asia, Shanghai Composite Index, Nikkei and Kospi ended on a positive note, while Hang Seng settled in the red. Stock exchanges in Europe were trading in the green in their respective early sessions.

end-of
Tags: 
bse, nse, sensex, nifty, foreign portfolio investors, fpi
Location: 
India, Maharashtra, Mumbai (Bombay)
Latest From Markets
After swinging over 423 points intra-day, the 30-share BSE Sensex ended down by 304.26 points, or 0.73 per cent, at 41,253.74. (Photo: File | PTI)

Sensex tanks 304 points on last day of 2019; Nifty drops below 12,200

The 30-share BSE Sensex fell 108.21 points or 0.26 per cent to 41,449.79, and the broader NSE Nifty slipped to 12,227.75. (Photo: File | AP)

Sensex drops over 100 points amid thin global trade

Besides, weakening of the American currency in overseas market supported the rupee, while steady rise in crude oil prices and weak opening in domestic equities weighed on the local unit, forex traders said.

Rupee rises 8 paise to 71.23 against US dollar in early trade

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