Sensex slumps 194 points, Yes Bank tumbles over 3 per cent

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.

Snapping its three-day rising streak, domestic equity benchmark BSE Sensex ended 194 points lower Wednesday, dragged by losses in banking and auto stocks amid weak global cues.

The market mood turned negative tracking weak cues from overseas markets and bourses in Europe were also trading in the red in their early deals. (Bloomberg File Photo / Representative image)

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 some 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, Kotak 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.

According to experts, the market mood turned negative tracking weak cues from overseas markets after US President Donald Trump Tuesday said he was not interested in a trade deal with China unless it agreed to four-five major points.

Elsewhere in Asia, Shanghai Composite Index fell 0.56 per cent, Hang Seng ended 1.73 per cent lower, Nikkei slipped 0.35 per cent and Kospi shed 0.14 per cent.

Bourses in Europe were also trading in the red in their early deals.

On the currency front, the Indian rupee appreciated 10 paise to 69.34 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, dived 2.57 per cent to USD 60.69 per barrel.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)