Sensex, Nifty End Lower As Banking Shares Drag

Sensex, Nifty End Lower As Banking Shares Drag

The S&P BSE Sensex and NSE Nifty 50 indexes ended lower in today’s session paced by selling pressure in Yes Bank, IndusInd Bank, Hero MotoCorp and Maruti Suzuki. However, the losses were capped as IT shares like HCL Technologies, Infosys, Wipro and Tata Consultancy Services witnessed buying interest.

The Sensex ended 36 points or 0.1 per cent lower at 39,032 and the NSE Nifty 50 Index declined 6 points or 0.6 per cent at 11,748.

Yes Bank shares fell 30 per cent after rising bad loans triggered its first quarterly loss. The bank’s loss came in at Rs. 1,506 crore on account of higher provisions for bad loans. Indiabulls Housing Finance, IndusInd Bank, Hero MotoCorp, Bharti Infratel, Maruti Suzuki, Bajaj Finserv and Britannia Industries were also among the losers in Nifty 50 basket of shares.

Banking Breakdown: Nifty PSU Bank cracks over 3%

As mayhem hits the banking pack, Siddharth Purohit of SMC Institutional shares his views on the breakdown as well as IL&FS and other factors that may have caused the fall.

On the other hand, JSW Steel, Zee Entertainment, Indian Oil, HCL Technologies, Tata Steel, Bharat Petroleum, Hindalco and Titan were also among the gainers.

Twelve of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Telecom and Realty Indexes 2.2 per cent decline. Bankex, auto and power indexes also declined between 1 and 1.7 per cent each.

On the flipside, S&P BSE IT Index was top gainer, up 1.4 per cent.

Mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indexes declined over 1 per cent each.


Author: Ayaan