Sensex Falls Over 100 Points, Nifty Slips Below 11,650; Yes Bank Shares Plunge

Losses in information technology, pharma and automobile stocks dragged the markets lower

Domestic stock markets started Thursday’s session on a lower note, breaking a three-day winning run, tracking weakness in Asian peers. The S&P BSE Sensex fell as much as 127.88 points to 39,087.76 in early trade, and the NSE Nifty moved to 11,644.85, down 42.65 points from the previous close. A selloff across most sectors led by financials, metal, information technology, pharma and energy shares dragged the markets lower. Weak cues from global markets and unabated foreign fund outflow also dragged markets lower. Analysts expect volatility in the markets to continue as more large cap companies report their quarterly earnings.
Here are 10 things to know about Sensex, Nifty today:
  1. At 9:40 am, the Sensex traded 125.58 points – or 0.32 per cent – lower at 39,090.06 while the Nifty was down 35.95 points – or 0.31 per cent – at 11,651.55.
  2. Yes Bank shares were the top percentage loser on both the benchmark indexes. On the BSE Sensex, the Yes Bank stock plunged as much as 14.98 per cent to Rs. 83.70 apiece.
  3. The sharp losses in Yes Bank shares came a day after the private sector lender reported a year-on-year decline of 91 per cent in net profit to Rs. 113.76 crore for the quarter ended June 30.
  4. Besides Yes Bank, other top laggards on the 50-scrip benchmark index at the time were ONGC, Tata Motors, HCL Tech, Vedanta, Coal India, Hindalco and Tech Mahindra, struggling with losses of between 1.17 per cent and 2.47 per cent.
  5. Reliance Industries, Tata Consultancy Services (TCS) and Yes Bank weighed most on the Sensex.
  6. On the other hand, Wipro shares rose as much as 3.25 per cent on the BSE, a day after the IT major reported a net profit of Rs. 2,387.6 crore for the quarter ended June 30, beating analysts’ estimates.
  7. On Wednesday, the domestic stock market benchmarks Sensex and Nifty had finished 0.22 per cent and 0.21 per cent higher respectively, rising for a third session in a row. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs. 16.97 crore on this day, provisional data from the NSE showed.
  8. Meanwhile, equities in other Asian markets fell amid concerns about global economic prospects and the ongoing US-China trade war. Japan’s Nikkei 225 benchmark index fell 1.6 per cent, while the Shanghai Composite and Hong Kong’s Hang Seng indexes dipped 0.7 per cent each.
  9. The losses in Asia followed a negative lead from Wall Street, where big-name firms including Caterpillar and United Technology sank on weak corporate reports.
  10. Overnight on Wall Street, the Dow Jones industrial average finished 0.4 per cent lower. With an expected Federal Reserve interest rate cut already priced in, having fuelled a healthy rally, and few other catalysts to drive buying, analysts said investors are also cashing out.