Market updates: Losses in financial, metal and pharma stocks pulled the markets lowerDomestic stock markets started Thursday's session on a lower note, with the S-P BSE Sensex falling more than 300 points in early deals, amid weakness in Asian peers.
The broader NSE Nifty benchmark declined as much as 102.55 points to hit 11,257.35 in the first few minutes of trade.
Losses in banking and financial services, metal and pharma stocks pulled the markets lower.
The Sensex declined to as much as 37,957.56, down 347.85 points from its previous close.
At 9:21 am, the Sensex traded 301.18 points - or 0.79 per cent - lower at 38,004.23 while the Nifty was down 94.10 points - or 0.83 per cent - at 11,265.80.
Top percentage losers on the 50-scrip benchmark index at the time were Axis Bank, Hindalco, Coal India, Larsen - Toubro and Sun Pharma, trading between 1.99 per cent and 4.00 per cent lower.
The Sensex and Nifty had ended0.94 per cent and1.00 per cent lower on Tuesday amid volatile trade.
The markets remained shut for Mahatma Gandhi Jayanti the next day.Yes Bank Shares Surge After CEO Says Lender's Performance "Absolutely Sound"Yes Bank shares surged as much as 29.38 per cent, after chief executive Ravneet Gill said the recent drop in the stock price does not reflect the lender's performance.
"The operating metrics of the bank, the performance of the bank is absolutely sound," the CEO said on a conference call.
Yes Bank shares had declined 42.91 per cent in five straight days of fall.Sensex Opens 168 Points Lower, Nifty Starts Session At 11,322The S-P BSE Sensex index opened 167.54 points - or 0.44 per cent - lower at 38,137.87 and the broader NSE Nifty benchmark started the session at 11,322.25, down 37.65 points - or 0.33 per cent - from its previous close.Sensex Falls Over 150 Points In Pre-Open MarketThe S-P BSE Sensex index declined as much as 190.04 points to 38,115.37 in the pre-opening session.
At 9:07 am, the Sensex was down 169.45 points - or 0.44 per cent - at 38,135.96while the broader NSE Nifty benchmark was at 11,515.40, down 40.95 points - or 0.36per cent - from its previous close.Selloff In Banking Stocks Has Dragged Markets Nearly 2% Lower In Past Three DaysThe S-P BSE Sensex index has declined a total 684.33 points in the past three consecutive sessions, marking a decline of 1.76 per cent, and the broader NSE Nifty benchmark fallen 211.3 points - or 1.83 per cent.
That is in line with a similar three-day fall in the Nifty Bank index - comprising shares of 12 major lenders in the country, which has descended 4.26 per cent.Banking System Safe And Stable, No Need To Panic: RBIThe Reserve Bank of India (RBI) on Tuesday assured the general public that the banking system is safe and stable and there is no need for panic based on rumours.
The RBI statement came following an intraday plunge of 1.30 per cent in the the Nifty Bank index amid a barrage of negative news from the sector.Banking Stocks To Be In Focus TodayAt 8:34 am, the SGX Nifty futures were down 4.50 points - or 0.04 per cent - at 11,351.00.
The Nifty futures had declined as much as 35.00 points - or 0.31 per cent - earlier on Thursday.On Tuesday, the domestic share markets had declined around 1 per cent hurt by a selloff across sectors led by banking and financial services stocks.
The Sensex ended 361.92 points - or 0.94 per cent - lower at 38,305.41 on that day, and the Nifty settled at 11,359.90, down 114.55 points - or 1.00 per cent - from its previous close.Loan Melas In 250 Districts From Today To Meet Credit DemandBanks will organise the first phase of "loan melas" in 250 districts from today.
An outreach programme initiated by government banks, the "loan melas" are aimed at meeting the demand of borrowers during the festival season.In a period of four days starting October 3, agriculture, vehicle, home, education and personal loans will be sanctioned to retail customers as well as micro-small and medium enterprises (MSMEs) on the spot.
The second phase of "loan melas" will be held in 150 districts, starting from October 21.RBI Seen Cutting Key Interest Rates On FridayThe Reserve Bank of India's Monetary Policy Committee will meet for the second day today, and release its fourth bi-monthly policy statement at the end of the final day on Friday.
Many analysts expect the central bank to cut the repo rate once again.
If that happens on Friday, it would mark the fifth consecutive bi-monthly reduction.The RBI is predicted to lower its key lending rate or the repo rate by 25 basis points (bps) to 5.15 per cent, which would take cumulative cuts so far this year to 135 bps, according to news agency Reuters.Liquidity Position Well In Excess Of Regulatory Requirements: Yes BankIn its regulatory filing to the BSE on Wednesday, Yes Bank also said its liquidity position remains "well in excess of regulatory requirements".
Its liquidity coverage ratio - a measure of highly liquid assets held by a financial institution - was in excess of 125 per cent as on September 30, it said.
Financial institutions are required to maintain a liquidity coverage ratio of 100 per cent.Yes Bank Share Price In Focus TodayYes Bank said on Wednesday that the steep fall in its shares the previous day was primarily on account of aforced stake saleby a large shareholder.The statement from the private sector lender came a day after the Yes Bank stock nosedived as much as 29.92 per cent during the session before paring some of those losses to still close at its lowest level recorded in over a decade.
In a regulatory filing, Yes Bank said its "financial and operating metrics remain intrinsically sound and stable".Asian Markets Fall On Trade War ConcernsOther Asian markets tumbled after New York markets slumped overnight following the openingof a new trade war front by the US, which said it would impose tariffs on $7.5 billion of goods from the European Union.MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.38 per cent.
Japan's Nikkei stock index fell 1.96 per cent and Australian shares declined 2.19 per cent.
Asian markets have already been under pressure on concerns about global growth and the US-China trade war.SGX Nifty Futures Indicate Flat-To-Negative Opening For Domestic MarketsDomestic stock markets are likely to open on a flat to negative note amid weakness in Asian Peers.
At 8:08 am, The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty benchmark index in India - traded 6.50 points - or 0.06 per cent - lower at11,349.00.