Sensex, Nifty Halt Three-Day Winning Streak As Autos, Financials Drag
Closing Bell: Sensex Drops Over 350 Points; Yes Bank, Adani Ports Top Losers
Indian equity benchmarks snapped their three-day up move after financial and auto stocks came under selling pressure.
The S&P BSE Sensex fell 1.09 percent or 383 points to 34,780 and the NSE Nifty 50 Index dropped 1.24 percent or 132 points to 10,453.
For most part of the day, the benchmarks traded firmly higher but a selloff in non-banking financial, banking and auto stocks intensified in noon deals which wiped out entire intraday gains.
From the day's highest level, the Sensex fell as much as 878 points while the Nifty fell below psychologically important level of 10,450.
Seventeen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty Index’s 3.2 percent drop. Auto, Bankex, Basic Materials, Consumer Discretionary Goods & Services, Metal and Oil & Gas Indices on the BSE also fell over 2 percent each. On the flipside, the S&P BSE FMCG Index was top gainer, up 0.1 percent.
The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indices tumbled 2.2 percent each.
PSU Banks Fall Dragged By Indian Bank, Canara Bank
Shares of the government-owned banks fell dragged by weakness in Indian Bank, Canara Bank and Union Bank of India.
Nifty's PSU Bank Index fell as much as 3.5 percent to 2,682.
Indiabulls Housing Finance Drops On Fear of Exposure To SuperTech
Shares of the Mumbai-based mortgage lender fell as much as 13.26 percent to Rs 787 amid fears of its exposure to SuperTech.
Brickwork last week revised ratings on Rs 1,866.4 crore of SuperTech’s bank facilities to default citing its failure to service debt obligations. It blamed the developer’s troubles on cash-flow mismatches because of a slowdown in the real estate industry.
La Opala RG Swings After Block Deal
- LA Opala RG has 43.3 lakh shares change hands in a block on BSE. Stock up 0.2 percent at Rs 233.15.
Buyers and sellers were not immediately known
Market Update: Nifty Drops Over 150 Points From Day's High
Nifty 50 Index dropped over 150 points from day's high as banking, finance and auto stocks came under selling pressure.
The Nifty 50 Index declined 19 points or 0.2 percent to 10,565 and the S&P BSE Sensex was little changed at 35,163.
Top Five Nifty Losers
- Indiabull Housing Finance fell 8.9 percent
- Yes Bank fell 5.3 percent
- Bajaj Finance drops 4.3 percent
- BPCL down 4.2 percent
- Axis Bank down 3.4 percent