Shares ended with steep losses amid broad based selling pressure. The barometer index, the S&P BSE Sensex, fell 310.51 points or 0.87% to 35,498.44, as per the provisional closing data. The Nifty 50 index fell 83.45 points or 0.78% to 10,640.95, as per the provisional closing data.
After opening lower, key indices extended losses and hit fresh intraday low in mid-morning trade. Indices came off day's low in early afternoon trade. Benchmarks traded near day's low in mid-afternoon trade. Indices slumped in late trade as selling pressure intensified.
The market exhibited cautious sentiment fearing an escalation in tensions between India and Pakistan in the aftermath of the Thursday's Pulwama terror attack. The devastating terror attack last week in Pulwama district of Jammu and Kashmir took lives of at least 40 CRPF personnel.
Among secondary barometers, the BSE Mid-Cap index fell 1.04%. The BSE Small-Cap index fell 1.01%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 882 shares rose and 1671 shares fell. A total of 181 shares were unchanged.
TCS (down 3.02%), Reliance Industries (down 2.21%), ITC (down 1.9%), Sun Pharmaceutical Industries (down 1.88%), Coal India (down 1.67%) and Asian Paints (down 1.26%), were the major Sensex losers.
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ONGC (up 1.70%), Tata Motors (up 1.15%), Axis Bank (up 0.70%), Vedanta (up 0.61%), NTPC (up 0.51%) and HDFc (up 0.19%), were the major Sensex gainers.
Yes Bank fell 2.24%. The Reserve Bank of India (RBI) reprimanded Yes Bank for selectively revealing a confidential report by the regulator that led to a surge in the lender's shares on Thursday, calling the disclosure a deliberate attempt to mislead the public.
Yes Bank said that it received a letter from the Reserve Bank of India (RBI) stating that as the Risk Assessment Report (RAR) report was marked "confidential", it was expected that no part of the report and information contained therein be divulged except for the information in the form and manner of disclosure prescribed by Regulations. Therefore, the Press Release breaches confidentiality and violates regulatory guidelines. Moreover, NIL divergence is not an achievement to be published and is only compliance with the extant Income Recognition and Asset Classification norms. The RAR also identifies several other lapses and regulatory breaches in various areas of the Bank's functioning and the disclosure of just one part of the RAR is viewed by RBI as a deliberate attempt to mislead the public. The issuance of the press release has, therefore, been viewed seriously by the RBI and could entail further regulatory action.
Induslnd Bank rose 0.02%. The bank said it inaugurated two branches in Kolkata. One of the two branches is located in the posta Bazar area of the city, while the other is situated on Sarat Bose Road. Both braches house an ATM each that will be operational 24X7. With this, the bank now has a wide network of 60 branches across West Bengal.
On the economic front, India's merchandise exports rose 3.7% to $26.36 billion in January 2019 over a year ago. Meanwhile, merchandise imports was flat at $41.09 billion. The trade deficit for January 2019 was at $14.73 billion as against the deficit of $15.67 billion in January 2018.
Overseas, European shares were mixed as investors continued to monitor trade talks between the world's two largest economies. Asian shares edged higher on Monday, with trade talks between the US and China set to continue in Washington this week after high-level meetings in Beijing concluded on Friday.
US stock indices surged on Friday, 15 February 2019, buoyed by growing optimism that the US and China can strike a trade truce ahead of the March 1 deadline. US stock market will be closed on Monday in observance of the Presidents Day holiday.
In political news, tensions rose in Washington D.C. when President Donald Trump declared a national emergency citing a humanitarian crisis at the Southern Border. In economic news, the Empire State manufacturing index rose 4.9 points in February to 8.8 and industrial production fell 0.6% in January, the first decline in eight months.
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