Sensex, Nifty Resume Fall To End At Seven-Month Low; Yes Bank Slumps 16%
Closing Bell: Sensex, Nifty Resume Fall To End At Seven-Month Low
Indian equity benchmarks resumed declines after a one-day blip and ended near a seven-month low.
The S&P BSE Sensex ended 1.29 percent lower at 36,093 and the NSE Nifty 50 closed 1.25 percent lower at 10,704.80. The broader markets represented by the NSE Nifty 500 Index ended 1.25 percent lower. The 31-share index has wiped out all the gains clocked so far this year.
The investors, who had taken positions during the earlier selloff, are now unwinding them, leading to the current declines, according to Emkay Investment Managers’ Sachin Shah.
“The structure of the Indian markets continue to remain weak,” The Fund Manager told BloombergQuint in an interaction.
“As the large caps are now declining, it is becoming difficult for investors to be constructive on mid and small caps, which witnessed some gains during last week,” Shah told BloombergQuint in an interaction.
“Investors need to have courage and knowledge to enter the market at this juncture,” he added.
Yes Bank was in focus after the stock slumped 16 percent. The stock was the worst performer on Sensex and Nifty.
The market breadth was tilted in favour of sellers. About 1,341 stocks declined and 431 shares advanced on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Media Index’s 4.4 percent fall.
Indiabulls Group Stocks Decline; Indiabulls Housing Finance Falls Nearly 10%
Shares of Indiabulls Group companies declined in today’s trade.
Indiabulls Housing Finance fell as much as 9.6 percent to Rs 379.15. Shares of Indiabulls Ventures and Indiabulls Real Estate fell as much as 6.8 percent.
F&O Check: Nifty 10,700 Put Option Slumps 77%
Nifty’s 10,700 put option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the weekly contract, which is set to expire today, fell 77 percent to Rs 1.40. Over 16 lakh shares were added to the open interest which stood at over 32.66 lakh shares.
Bond Market Update: 10-Year Yield Trades Little Changed
The yield on the 10-year note traded little changed at 6.61 percent. It had declined five basis points intraday.
Money Market Update: Rupee Reverses Gain
The Indian rupee revered gains and traded little changed at 71.26 against the U.S. dollar. The home currency had appreciated 0.23 percent intraday against the greenback.
Market Check: Sensex, Nifty Set To End Near Seven-Month Low
Indian equity benchmarks resumed declines after a one-day breather and are set to end near seven-month low.
The S&P BSE Sensex fell 1.4 percent to 36,056 and the NSE Nifty 50 fell 1.38 percent to 10,693.95. The broader markets represented by the NSE Nifty 500 Index fell 1.6 percent. The 31-share index has wiped out all the gains clocked in 2019.
The market breadth was tilted in favour of sellers. About 1,409 stocks declined and 355 shares advanced on National Stock Exchange.