Sensex, Nifty Snap Three-Day Winning Streak; Yes Bank Slumps 13%

Sensex, Nifty Snap Three-Day Winning Streak; Yes Bank Slumps 13%

The S&P BSE Sensex and NSE Nifty 50 Indexes snapped their three day winning streak paced by losses in Yes Bank, Tata Motors, Reliance Industries, Tata Consultancy Services and State Bank of India. The equity benchmarks opened lower in today’s session owing to weakness in auto, energy and consumer durable shares. But extended declines in last hour of trade after banking shares witnessed heightened selling pressure. The Sensex fell over 350 points to fall below 39,000 mark while the Nifty 50 Index touched an intraday low of 11,582.

The Sensex ended 0.81 per cent or 318 points lower at 38,897 and the NSE Nifty 50 Index declined 0.78 per cent or 91 points to close at 11,597.

All the 19 sector gauges compiled by BSE ended lower led by the S&P BSE Auto and Metal indexes over 2 per cent declines.

Realty, Power, Oil & Gas, Consumer Durables, Capital Goods, Industrials and Energy sector gauges also dropped between 1.5 and 1.8 per cent each.

Mid- and small-cap shares also witnessed selling pressure as the S&P BSE MidCap Index fell 1.23 per cent and the S&P BSE SmallCap Index tumbled 1.15 per cent.

Yes Bank was top loser in the Nifty 50 basket of shares. The stock dropped 12.70 per cent to close at Rs. 85.90 after its profit in June quarter fell 91 per cent to Rs. 113.76 crore in June quarter from profit of Rs. 1,260.36 crore during the same quarter last year on higher provisioning for bad loans.

ONGC, Coal India, Tata Motors, Maruti Suzuki, Vedanta, Bajaj Auto, State Bank of India, Grasim Industries, Cipla and JSW Steel also fell between 2 and 4.4 per cent each.

On the flipside, Wipro, HDFC, Zee Entertainment, Britannia Industries, HDFC Bank and Indian Oil were among the gainers.


The overall market breadth was negative as 1,301 shares ended lower while 453 closed higher on the National Stock Exchange