LIVE market updates: Losses in banking, metal and pharma stocks dragged the markets lowerDomestic stock markets suffered sharp losses on Monday with the BSE S-P Sensex index falling more than 300 points in morning, amid weakness in Asian peers.The broader NSE Nifty benchmark fell as much as 99.5 points to touch 11,412.90 on the downside.
The Sensex fell334.66 points to hit 38,487.91at the weakest level.Losses in banking, metal and pharma stocks dragged the markets lower however buying in IT shares arrested the fall.
The NSE's Bank Nifty sectoral index - comprising shares of 12 majors banks - fell as much as 2.52 per cent, dragged lower by Yes Bank which plunged 13.03 per cent during the session.The Sensex index had ended 167.17 points - or 0.43 per cent - lower at 38,822.57 on Friday, and the broader Nifty benchmark settled at 11,512.40, down 58.80 points - or 0.51 per cent - from its previous close.Infosys, HCL Tech, TCS Top Gainers Twelve stocks on the Nifty 50 benchmark index moved higher.
Top Nifty Gainers/LosersStockChangeUPL+1.80%Bharat Petroleum+1.45%Infosys+1.43%HCL Tech+1.25%TCS+1.17%Tata Steel-2.79%ICICI Bank-3.41%Zee Entertainment-6.01%IndusInd Bank-6.11%Yes Bank-11.18%Top Sensex Gainers/LosersStockChangeInfosys+1.42%HCL Tech+1.32%TCS+1.15%Reliance Industries+0.60%Bharti Airtel+0.30%Tata Steel-2.71%SBI-2.74%ICICI Bank-3.34%IndusInd Bank-6.33%Yes Bank-11.48%Yes Bank Shares Plunge 13%, Extend Losses To Fourth Straight DayYes Bank shares fell as much as 12.91 per cent to hit a new 52-week low of Rs 42.50 apiece on the BSE.
At 10:59 am, the Yes Bank stock traded 11.58 per cent lower at Rs 43.15 apiece on the BSE, underperforming the benchmark Sensex index which was down 0.82 per cent.
As of Friday's closing price, the stock has declined12.93 per cent in three consecutive session.Selloff Across Most Sectors Drags Markets Lower; IT Sector Bucks TrendAll but one sectoral indices on the National Stock Exchange traded lower, with information technology shares bucking the trend.Index WatchIndexChangeNifty Media-3.08%Nifty PSU Bank-2.70%Nifty Private Bank-2.51%Nifty Metal-2.35%Nifty Realty-2.33%Nifty Bank-2.29%Nifty Pharma-1.58%Nifty Financial Services-1.56%Nifty Auto-1.31%Nifty Fast-Moving Consumer Goods-0.06%Nifty IT0.87%Sensex Down Over 300 Points, Nifty Near 11,400; Banking Stocks Worst HitAt 10:33 am, the BSE S-P Sensex index traded down 326.52 points - or 0.84 per cent - at 38,496.05 while the broader NSE Nifty benchmark was down 96.05 points - or 0.83 per cent - at 11,416.35.ICICI Bank, HDFC and HDFC Bank account for a loss of more than 200 points on the Sensex.StockContribution To SensexICICI Bank-101.93 pointsHDFC-63.19 pointsHDFC Bank-58.91 pointsIndusInd Bank-53.35 pointsSBI-28.24 pointsSensex Down Over 40 Points, Nifty Below 11,500At 9:20 am, the Sensex traded 44.38 points - or 0.11 per cent - lower at 38,778.19 while the Nifty was at 11,481.05, down 31.35 points - or 0.27 per cent - from its previous close.Top percentage losers on the 50-scrip index at the time were Yes Bank, Cipla, JSW Steel, Vedanta and Asian Paints, trading between 1.86 per cent and 2.87 per cent lower.
ICICI Bank, HDFC Bank, HDFC and Kotak Bank weighed the most on Sensex.Sensex, Nifty Start Session On A Mixed NoteThe S-P BSE Sensex index opened 50.55 points higher at 38,873.12 whereas the broader NSE Nifty benchmark started the session at 11,491.15, down 21.25 points from its previous close.Sensex, Nifty Mixed In Pre-Open MarketThe S-P BSE Sensex rose to as much as 38,910.4 in the pre-opening session, up 87.83 points - or 0.23 per cent - from the previous close.
At 9:11 am, the Sensex was up 50.55 points - or 0.13 per cent - at 38,873.12 while the Nifty was at 11,491.15, up 21.25points - or 0.18 per cent - from the previous close.
IRCTC or Indian Railway Catering and Tourism Corporation's initial public offer (IPO) to raise up to Rs.
645 crore will open today.
The last date for bidding under the IPO of IRCTC - the online ticketing arm of Indian Railways - is October 3.Brokerage Angel Broking has assigned a "subscribe" rating to the IRCTC IPO.
Recent tax reduction by the government to 25.2% and the increase in revenue from service charge for online ticketing will improve IRCTC's profitability substantially going forward, Angel Broking said in a note.Asian Shares Trade On Cautious NoteEquities in other Asian markets were off to a cautious start on Monday with MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.11 per cent and Japan's Nikkei down 0.61 per cent.Investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges.SGX Nifty Futures Indicate Flat Opening For Domestic Markets Domestic stock markets are likely to open on a flat note.
At 8:34 am, the Singapore Exchange (SGX) Nifty futures were down 6.00 points - or 0.05 per cent - at 11,579.00.
The SGX Nifty futures trading are an early indicator of the National Stock Exchange (NSE) Nifty index in India.