BackIndices end lower, Sensex shreds 306 points, Nifty below 11,350-mark
Midcap and smallcap gauges ended with losses.HDFC twin shares were the top losing stocks, Yes Bank rose 9.49%
PremiumNew Delhi: The benchmark equity indices started the week on a gloomy note and ended lower led by losses in the financial services and global cues.
Sensex closed at 38,031.13 tanking 305.88 points, or 0.80%, while the broader Nifty lost 82.10 points, or 0.72%, settling at 11,337.15.
Six out 11 sub-sectoral indices compiled on NSE ended in the red zone with Nifty Financial Services (-2.57%) taking the pole position. Nifty Bank (1.66%) and Nifty Private Bank (1.54%) were the other top losing sectors.
"Market entered into a bearish phase as investors turned sellers due to concerns over extension of economic slowdown and weak corporate earnings hurting the sentiment. This correction has expanded to large caps which until now were attracting FII inflows, but concerns over tax and muted Q1 results will continue to impact," said Vinod Nair, head of research at
The broader market also ended on a ended negative with BSE Midcap and Smallcap indices losing 0.60% and 1.15% respectively.
HDFC, HDFC Bank, Kotak Mahindra Bank, Bajaj Finance and ITC were the worst performing sectors on Sensex, plunging as much as 5.09%.
However, Yes Bank, Vedanta, Reliance Industries, Asian Paints and Maruti Suzuki were the most contributing stock, gaining as much as 9.49%.
Globally, Asia stocks eased on Monday as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve, while heightened Middle East tensions following an Iranian seizure of a British tanker lifted crude oil prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%. South Korea's KOSPI shed 0.3%, Australian stocks lost 0.2% and Japan's Nikkei fell 0.5%.
Here are the live updates of the markets:
9:15 am: Sensex started at 38,151 down 0.53% while the broader Nifty also slipped 0.50% at 11,360.85.
10:00 am: Yes Bank up over 4% and is the best performing stock on NSE.
10:35 am: HDFC twin shares trader lower post Q1 results. Shares of HDFC is down 3.94% and HDFC Bank has shredded 2.97%. Both the stocks are biggest loser on NSE.
11:20 am: Nifty Financial Services is the worst performing sector, losing 2.32%. Edelweiss Financial Services (-4.97%), Bajaj Financial Services (-4.78%) and HDFC (4.58%) are the biggest laggards in the sector.
12:08 pm: Sensex tanked 367.55 points, or 0.96% trading below 38,000-mark at 37,969.46.
12:25 pm: Shares of Yes Bank is up over 8% on both the indices. The bank is trading at ₹90.10 rising 8,23% on NSE.
1:15 pm: Kotak Mahindra Bank shares slip 2.33% before the bank's June quarter result, later today.
3:05 pm: The broader market continues to remain under pressure. BSE Midcap and Smallcap indices are trading lower by 0.75% and 1.27% respectively.
3:30 pm: Sensex closed at 38,031.13 tanking 305.88 points, or 0.80%, while the broader Nifty lost 82.10 points, or 0.72%, settling at 11,337.15.
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