Stock market highlights: After extending losses from the morning, the Sensex and Nifty made a smart rebound in the afternoon trade, but closed in the red. The Sensex closed 36 points lower at 39,031.55, while the Nifty ended below the 11,750-mark. Yes Bank shares closed 30% down at Rs 166.55, while IndusInd Bank shares closed 5.7% down at Rs 1,600.25, to emerge among the biggest Sensex losers.
Shares in Asia fell on Tuesday as readings on China’s manufacturing activity failed to meet expectations, underscoring weakness in the world’s second-largest economy despite Beijing’s attempts to spur growth. Both official and private business surveys pointed to slower Chinese factory growth this month, dashing hopes for a steady reading or even a faster expansion. Data also showed a slower expansion in its services sector, adding to economic uncertainty, Reuters reported.
Shares of Yes Bank will assume focus after the private sector lender reported its first ever quarterly loss for the Jan-Mar period. Notably, Macquarie has double downgraded the stock with a 40 per cent cut in target price. Shares of HDFC Life will also be in focus, as Macquarie has maintained a neutral rating with a target price of Rs 400. We bring to you Live updates.