Sensex, Nifty Fall Fourth Straight Session As Banking Shares Fall

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Yes Bank surged 33.59% after its CEO assured investors that bank remains on a solid financial footing.

The S&P BSE Sensex and NSE Nifty 50 indexes fell for fourth straight session led by declines in HDFC Bank, HDFC, Kotak Mahindra Bank, Infosys, Axis Bank and IndusInd Bank. The Indian equity benchmarks opened lower and extended declines in the noon deals. The Sensex fell as much as 345 points and the Nifty 50 Index touched an intraday low of 11,257.

The Sensex ended 199 points or 0.52 per cent lower at 38,107 and the NSE Nifty 50 index dropped 46 points or 0.4 per cent lower at 11,314.

Seven of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty Metal Index’s 3 per cent decline.

Nifty Bank, Nifty Private Bank and Nifty Financial Services indexes also fell over 1 per cent each.

On the other hand, Nifty Media Index was top sectoral gainer, the index rose 2.45 per cent.

Mid- and small-cap shares also ended mixed and outperformed their larger peers. The Nifty Midcap 100 index ended on a flat note while Nifty Smallcap 100 index declined 0.25 per cent.

Vedanta was top gainer in the Nifty 50 basket of shares, the stock fell 4.66 per cent to close at Rs 144.25. Hindalco, Coal India, Tata Steel, IndusInd Bank, Grasim Industries, Kotak Mahindra Bank, HDFC Bank and Axis Bank were also among the losers.

On the flipside, Yes Bank surged 33.59 per cent to Rs 42.75 after its CEO Ravneet Gill in a conference call assured investors that the bank remains on a solid financial footing. “The operating metrics of the bank, the performance of the bank is absolutely sound,” Mr Gill said. “We have enough liquidity, we are very stable and the share price movement of recent days should not become a proxy for how the bank gets perceived,” he added.

Bharat Petroleum, Zee Entertainment, Tata Motors, Indian Oil, Eicher Motors, ITC, Power Grid, HCL Technologies, Wipro and Titan were also among the gainers.

The overall market breadth was negative as 1,081 shares ended lower while 709 closed higher on the NSE.

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