Indian benchmark indices Sensex and Nifty ended 1% lower each on Tuesday, amid heavy selling in realty, media and banking stocks. While Sensex ended 362 points or 0.94% lower at 38,305, Nifty lost 114 points or 1% to 11,359. Intra day, Sensex lost 738 points to 37,929 against the previous close of 38,667 and Nifty fell 227 points to 11,247 against the previous close of 11447.
Overall 23 out of 30 scrips on S&P Sensex and 39 out 50 stocks on Nifty50 ended on a bearish territory on Tuesday. Market breadth was negative with 687 stocks closing higher compared to 1796 ending lower on BSE.
Sectorally, over 4% decline was registered in realty, PSU banking stocks and media stocks and over 2.5% fall in bank and metal, infra and CPSE scrips. The top losers of the BSE Sensex pack were YES Bank, IndusInd Bank, State Bank of India, Tata Motors and Bharti Airtel, while the top losers of the NSE Nifty pack were YES Bank, IndusInd Bank, Indiabulls Housing Finance, State Bank of Indiana and Grasim Industries.
Commenting on today's bearish trend, Ajit Mishra Vice President, Research, Religare Broking Ltd. said," We expect that weak macro data points, as well as disappointing auto sales numbers, may also weigh on the investor sentiments in the near term. We expect that the RBI monetary policy may provide further direction to the markets. We envisage a 25bps rate cut in the policy, however, the central bank's outlook on inflation and growth would be a key monitorable."
"Further, global developments such as US-China trade war as well as crude oil price movement amongst rising tension between Saudi Arabia and Iran would keep the market participants on edge," he added.
Vinod Nair, Head of Research, Geojit Financial Services said, "Investors are not expecting a meaningful recovery in the festival season due to continued weakness in auto sales. Volatility in banks and fall in rupee also influenced profit-booking tendency in the market."
Here are the top 5 losers of the day:
YES Bank: YES Bank share price ended 22.80% lower at Rs 32 and was the top loser on Nifty bank, that closed 1.30% lower for the day. YES Bank shares plummeted over 23% to hit a fresh 52-week low of Rs 31.55, amid report that its promoters sold another 2.16% stake in the bank. The stock has lost 42.73% in the last 5 sessions and 82% year-to-date.
According to a report in The Economic Times, YES Capital (India), Morgan Credits Private and Rana Kapoor jointly sold 552 lakh shares, or 2.16 per cent, stake in the open market during September 26 to September 27.
ZEE: Zee Entertainment stock ended Tuesday's trade 12.19% lower at Rs 232.95 on the BSE. ZEEL stock has been making news recently due to its increasing pressure to meet financial requirements. During the day's trade, ZEEL stock has fallen as much as 20.17% to touch a fresh 52 week low of Rs 211.8. ZEEL stock was the top loser on Nifty media, that closed 4.32% lower for the day.
DHFL: Dewan Housing Finance Corporation Ltd. (DHFL) stock price settled at a new 52-week low of Rs 31, recoring 19.90% fall by the closing bell. The stock has fallen 34% in the last 3 sessions and 87% year-to-date. Today the stock has traded in a wide range of Rs 7.85 with a high intraday volatility of 14.3%.
SBI: State Bank of India (SBI) shares closed 5.5% lower at Rs 256 on the BSE today. The SBI stock was among the top loser in Nifty PSU Bank index, that ended 3.78% lower. The SBI stock has fallen as much as 9.32% to hit a new 52 week low of Rs 245.65. This decline was in-line with 'PSU Banks' sector that has fallen by 4.37% intraday. SBI stock has overall fallen over 9% in the last 3 days and over 13% year-to-date.
Dish TV: Dish TV stock ended 10.19% lower at Rs 16.30 on the BSE. Dish TV stock traded today with an intraday volatility of 9.71% and later touched an intraday low of Rs 14.55, falling 19.83% intraday, also its new 52-week low. The stock has fallen 57% year-to-date. With an intraday volatility of 9.71%, the stock has fallen 21.82% in the last 3 days.
By Rupa Burman Roy