Sensex tumbles 383 points, Nifty below 10,950; PSU bank stocks plunge, Yes Bank down 4%

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Published: August 29, 2019 5:05:38 PM

The headline indices Sensex and Nifty extended decline on Thursday on the back of a heavy sell-off witnessed in financial heavyweights, even as F&O expiry weigh apart from global cues.

The Sensex closed 383 points down to 37,068.93 while the Nifty closed below the 10,950-mark.

The headline indices Sensex and Nifty extended decline on Thursday on the back of a heavy sell-off witnessed in financial heavyweights, even as F&O expiry weigh apart from global cues. The Sensex closed 383 points down to 37,068.93 while the Nifty closed below the 10,950-mark. During the day, Sensex hit a low of 36,987.35.  Shares of Yes Bank, SBI, HDFC, Axis Bank, Kotak Bank, ITC, RIL, M&M, Tata Motors and ICICI Bank emerged as the biggest losers, shedding up to 4%. Sun Pharma, VEDL, NTPC, ONGC shares were the biggest gainers in the Sensex pack, gaining up to 5.5%. Notably, PSU bank stocks including State Bank of India, J&K Bank, Allahabad Bank, Canara Bank slumped up to 6%.

Also read: Indiabulls Housing Finance share price crashes on Nifty exit blues; Nestle India soars to 52-week high

Taking stock of the day’s volatile session, Ajit Mishra Vice President, Research, Religare Broking said that the Nifty settled with a cut of over half a percent on the F&O expiry day, after failed attempts to cross hurdle at 11,150 in the last two sessions. “Volatility remained high especially in F&O counters due to unwinding and rollover of the positions while the broader indices remained under pressure,” he said. According to the expert, in the absence of any major domestic event, global cues will continue to dictate the market trend. Indications are in the favour of further consolidation in Nifty thus traders should focus more on stocks selection and trade management, he added.

According to Shrikant Chouhan, Head Technical Research, Kotak Securities noted that the stock markets remained weak today on the back of uninterrupted selling from FIIs in the cash segment despite the roll back of additional surcharge by the government. “Technically, the market is in corrective mode and on the completion of the same we can expect one more upward pull back in the near term.  On the down side, 10,900 and 10,750 would be major supports for Nifty.  Fundamentally, we feel value buying has started in NIFTY/BSE 500 stocks from major participants of the market,” he said. Intra-day the rupee appreciated marginally to 71.73 against the US dollar intra-day.

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