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Sensex snaps three-day winning run… Yes Bank tumbles over 3%

Sensex snaps three-day winning run… Yes Bank tumbles over 3%

Mumbai: The BSE Sensex snapped its three-day rising streak to end 194 points lower Wednesday, pressured by losses in banking and auto stocks amid a broad sell-off in overseas markets. Investors were also cautious ahead of the release of inflation and factory output numbers, traders said.

After slumping over 300 points during the day, the BSE gauge pared losses to settle 193.65 points, or 0.48 per cent, lower at 39,756.81. The index hit an intra-day low of 39,623.53 and a high of 39,982.10. Similarly, the broader NSE Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20. During the day, the index touched a low of 11,866.35 and a high of 11,962.45.

Yes Bank was the worst performer in the Sensex pack, declining 3.34 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade. Other losers included Maruti Suzuki, Kotak Mahindra Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79 per cent.

On the other hand, Tata Steel, ONGC, Vedanta, Sun Pharma, TCS, RIL, HUL and ITC bucked the weak market trend and gained up to 2.60 per cent. Experts said, investor sentiment turned negative tracking weak cues from overseas markets after US President Trump Tuesday said he was not interested in a trade deal with China unless it agreed to four-five major points.

"Expectations on the resolution of the trade war took a turn for the worse, and Indian markets joined global equities in a sell-off. World markets are increasingly concerned about a slowdown or recession in advanced economies. Falling bond yields and falling crude oil prices reflect this concern.

"Domestically, it will be critical that the upcoming Budget addresses investors' concerns on reviving growth, or India could be susceptible to further selling," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

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