Sensex, Nifty Snap Three-Day Winning Streak; Yes Bank Slumps 13%
The S&P BSE Sensex and NSE Nifty 50 Indexes snapped their three day winning streak paced by losses in Yes Bank, Tata Motors, Reliance Industries, Tata Consultancy Services and State Bank of India. The equity benchmarks opened lower in today's session owing to weakness in auto, energy and consumer durable shares. But extended declines in last hour of trade after banking shares witnessed heightened selling pressure. The Sensex fell over 350 points to fall below 39,000 mark while the Nifty 50 Index touched an intraday low of 11,582.
The Sensex ended 0.81 per cent or 318 points lower at 38,897 and the NSE Nifty 50 Index declined 0.78 per cent or 91 points to close at 11,597.
All the 19 sector gauges compiled by BSE ended lower led by the S&P BSE Auto and Metal indexes over 2 per cent declines.
Realty, Power, Oil & Gas, Consumer Durables, Capital Goods, Industrials and Energy sector gauges also dropped between 1.5 and 1.8 per cent each.
Mid- and small-cap shares also witnessed selling pressure as the S&P BSE MidCap Index fell 1.23 per cent and the S&P BSE SmallCap Index tumbled 1.15 per cent.
Yes Bank was top loser in the Nifty 50 basket of shares. The stock dropped 12.70 per cent to close at Rs 85.90 after its profit in June quarter fell 91 per cent to Rs 113.76 crore in June quarter from profit of Rs 1,260.36 crore during the same quarter last year on higher provisioning for bad loans.
ONGC, Coal India, Tata Motors, Maruti Suzuki, Vedanta, Bajaj Auto, State Bank of India, Grasim Industries, Cipla and JSW Steel also fell between 2 and 4.4 per cent each.
On the flipside, Wipro, HDFC, Zee Entertainment, Britannia Industries, HDFC Bank and Indian Oil were among the gainers.
The overall market breadth was negative as 1,301 shares ended lower while 453 closed higher on the National Stock Exchange.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
