Sensex Gains Some Ground After Plunging 1,100 Points: 10 Things To Know
- Yes Bank led the fall in banking stocks, which fell sharply with the Nifty Bank - the NSE's sectoral index comprising banking stocks - falling 4.7 per cent in intraday trade. Yes Bank, which declined 34 per cent, was also the top laggard on both benchmark indices. Losses in Yes Bank came after the Reserve Bank of India (RBI) asked its managing director and CEO Rana Kapoor to step down after an extended term till January 31, 2019. Banking heavyweights SBI fell as much as 6.7 per cent.
- Dewan Housing Finance Corporation Ltd (DHFL) plunged nearly 60 per cent in intraday trade, leading the losses. Other housing finance stocks like Indiabulls Housing Finance, Can Fin Homes, PNB Housing Finance and LIC Housing Finance cracked up to 17 per cent.
- Shares in non-banking financial companies, especially housing finance companies, triggered a panic selloff in the sector, according to analysts.Â
- "Now the fear has started to come into the market. Once strength is gone, it will not recover fast," said AK Prabhakar, head of research at IDBI Capital Markets.Â
- Besides, a strong selloff in sectors such as IT, pharma, auto, FMCG, metal and capital goods also weighed on the indices..
- Top laggards on the Nifty pack were UPL, Bajaj Finance and Tech Mahindra.
- Advances in other Asian peers failed to support the domestic markets.Â
- Asian stocks extended gains on Friday, thanks to Wall Street scoring all-time highs, as investors gravitated to the view that the latest exchange of tariffs between the United States and China may be less damaging than initially feared.Â
- Globally, oil prices were little changed on Friday after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices at its meeting in Algeria this weekend.Â
- Meanwhile, the rupee returned to 72 levels against the US dollar. (With agencies inputs)
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