MARKET LIVE: Sensex tanks 1,700 pts; IndusInd Bk dips 14%, YES Bank up 50%

Indian benchmark indices have been buying and selling 5 per cent lessen, dragged down by bank stocks, on Monday as provide-off resumed just after a day’s halt.

The uncertainity relating to the influence of the coronavirus epidemic continued to keep trader sentiment in verify even nevertheless the US Federal Reserve reduce curiosity prices to in close proximity to-zero on Sunday in a different crisis move to enable shore up the US economy amid the rapidly escalating world-wide coronavirus pandemic. Study More

The S&P BSE Sensex was down one,713 factors, or 5.53 per cent, at 32,210 concentrations. Index-heavyweight HDFC slipped in excess of seven per cent just after top Friday’s rebound rally. State Bank of India was also down in excess of six per cent just after Friday’s 13 per cent up move. IndusInd Bank was down in excess of fourteen per cent.

Meanwhile, Sure Bank surged in excess of fifty per cent to as much as forty.forty per cent on the NSE in a weak market despite reporting a web decline of Rs 18,564.24 crore for the Q3FY20 quarter.

The broader Nifty50 index hovered all-around nine,480 concentrations, down 475 factors, or 4.78 per cent. All the Nifty sectoral indices have been buying and selling in the purple with Nifty Bank, Nifty Personal Bank, and Nifty PSU Bank indexes (all down in excess of 5% every) taking the deepest cuts.

In the broader market, the S&P BSE MidCap index was down 558 factors, or 4.4 per cent, and the S&P SmallCap dipped 610 factors, or 5.19 per cent.

NEW LISTING

Shares of SBI Playing cards & Payment Products and services (SBI Playing cards) stated at Rs 661, twelve.forty five per cent down below its issue rate of Rs 755 on the Nationwide Stock Trade (NSE) on Monday. On the BSE, it opened at Rs 658, 13 per cent lessen from issue rate. Study More