Sensex cracks over 334 points; Nifty tumbles below 12K
Mumbai: The BSE benchmark Sensex plummeted over 334 points while the NSE Nifty slipped below the key 12,000-level on Friday, dragged by heavy losses in banking and auto stocks.
A day after the Reserve Bank surprisingly maintained status quo in its key policy rates and projected slower economic growth, investors turned cautious, weighed by weak macro indicators.
After opening on a positive note, the 30-share BSE Sensex witnessed a continuous slide and went on to hit a low of 40,393.46 during the day. The index finally settled at 40,445.15, down 334.44 points or 0.82 per cent.
Likewise, the 50-share Nifty shed 96.90 points or 0.81 per cent to settle at 11,921.50.
Yes Bank led the laggard's list on the Sensex with a nearly 10 per cent drop after Moody's Investors Service downgraded the private sector lender's ratings.
Other top losers were SBI, IndusInd Bank, Tata Motors, Mahindra and Mahindra and HDFC.
On the other hand, Kotak Bank, Tata Steel, RIL, Asian Paint, TCS, Infosys and HDFC Bank closed with gains. Of the 30 Sensex stocks, 23 closed in the red and seven finished with gains.
Sectorally, BSE auto index suffered the most by losing over 1.80 per cent, followed by finance, utilities, realty and bankex.
Telecom index was the sole gainer on the chart.
In contrast to the Indian market, Asian bourses were trading higher as investors turned hopeful of the US and China striking a phase one trade deal following President Donald Trump's latest comments that both sides were moving on track.