MARKET WRAP: Sensex slips 318 pts, Nifty below 11,600; YES Bank plunges 13%

Bears took charge at D-Street on Thursday as fresh trade war concerns and mixed April-June quarter earnings eroded investors' confidence. Heavy selling was witnessed across the board with stocks of public sector banks, automobiles and metals slipping the most.

The benchmark S&P BSE Sensex closed 318 points, or 0.81 per cent, lower at 38,897 level with YES Bank, Tata Motors, ONGC, and Maruti being the top laggards. In an otherwise weak market, only HDFC, HDFC Bank and ITC remained the top gainers. The broader Nifty50, too, ended at 11,597 mark, down 91 points, or 0.78 per cent.

In the broader market, S&P BSE MidCap closed 179 points, or 1.23 per cent lower at 14,364 level while the S&P BSE SmallCap lost 158 points, or 1.15 per cent, to settle at 13,558 level.

Sectorally, PSU Banks slipped the most with the index closing 3.18 per cent lower. This was followed by Nifty Auto index (down 2.74 per cent) and Nifty Metal index (down 2.46 per cent). Nifty Financial Servcies index closed 0.11 per cent higher.

BUZZING STOCKS

Shares of YES Bank plunged up to 15 per cent to Rs 84 per share iin early morning deals on the BSE on Thursday after the private sector lender reported 91 per cent YoY decline in net profit in the April-June quarter of financial year 2019-20. The stock was trading at its lowest level since April 21, 2014. READ MORE

Shares of Mindtree plunged 10 per cent to Rs 675, also its fresh 52-week low, in Thursday's early morning trade on the BSE, after the company’s consolidated net profit more than halved to Rs 93 crore in June quarter (Q1FY20), as compared to previous quarter. It had reported a profit of Rs 198 crore in the March quarter (Q4FY19). READ MORE

GLOBAL CUES

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

Japan's Nikkei index ended 2 per cent lower while South Korea's Kospi lost 0.31 per cent. China's Shanghai Composite, too, slipped 1.04 per cent. 

(With inputs from Reuters)

3:44 PM

Sectoral losers and gainers on the NSE

3:43 PM

Top losers and gainers on the S&P BSE Sensex

3:34 PM

CLOSING BELL

The S&P BSE Sensex declined 318 points or 0.81 per cent to settle at 38,897 levels while the NSE's Nifty50 index lost 91 points or 0.78 per cent to end at 11,597. 

3:25 PM

MARKET CHECK | 27 out of 30 stocks in the S&P BSE Sensex trade in the red

3:23 PM

MARKET CHECK | Titan slips nearly 3%

3:06 PM

IndiGo Q1 preview: Jet closure, oil price fall to drive earnings

The relations between the two promoter camps had gone sour recently over decision making and corporate governance issues. Gangwal has accused Bhatia of indulging in Related Party Transactions (RPT) in favour of InterGlobe Aviation Enterprise (owned by Bhatia).

 

“Overhang of the battle will remain… As we are not aware about the details of the agreement between the two, risks of government intervention have increased and one of them is likely to take legal course,” says Gagan Dixit, Vice- President, institutional equities, Elara Capital. READ MORE

2:59 PM

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2:49 PM

Nifty Realty is trading lower

2:42 PM

Sun Pharma Advanced Research climbs 9%

2:28 PM

Caplin Labs gets USFDA nod for injection to prevent excessive blood loss

The approved product is a generic therapeutic equivalent version of Cyklokapron injection, 100 mg/ml of Pharmacia and Upjohn Company.

 

Caplin Point Laboratories said Tranexamic Acid Injection is administered in patients with hemophilia for short-term use to reduce or prevent hemorrhage and reduce the need for replacement therapy during and following tooth extraction.READ MORE

2:16 PM

Retail investors' stake in YES Bank at record high of 20% in June quarter

A record number of retail investors are holding YES Bank, with one out of every five equity share held by them. Retail investors increased their stake in the private sector lender by 6.5 percentage points during the April-June 2019 quarter (20.46 per cent stake against 13.96 per cent holding at the end of March 2019 quarter).

Retail investors are individuals who hold up to Rs 200,000 of share capital in a company. READ MORE

1:49 PM

Nifty sectoral indices at this hour

1:34 PM

Cyient trades higher ahead of Q1 results

1:20 PM

Cement stocks trade under pressure

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
INDIA CEMENTS	97.85	-0.50	-0.51	278827
AMBUJA CEM.	217.40	-1.95	-0.89	51738
ACC	1581.60	-12.45	-0.78	31940
CENTURY TEXTILES	935.95	-19.35	-2.03	14838
HEIDELBERG CEM.	197.55	-3.20	-1.59	12088

1:14 PM

NEWS ALERT | Manappuram Fin's board approves increasing borrowing limit to Rs 25,000 cr; appoints Madhu Mohan as Chief Risk Officer