NEW DELHI: A fall of over 26 per cent in YES Bank stock on account of maiden quarterly loss and double-downgrade by Macquarie Capital Securities single-handedly knocked over 100 points off Sensex in Tuesday's morning trade.
Losses in IndusInd Bank, RIL, Maruti and SBI added to Sensex's decline.Asian shares too remained subdued, despite another record high close for the SP 500, as investors await a US Federal Reserve policy decision for clues of whether it will continue to take a patient approach to interest rate policy, Reuters reported.
D-Street would keep an eye on stocks such as TVS Motor, Exide Industries, Can Fin Homes, Kotak Mahindra Bank, Ambuja Cements, Godrej Properties, Gruh Finance, Indian Hotels, Monsanto India, Raymond and Zensar Technologies which are among a few companies reporting their March quarter earnings today.
At around 9.35 am the 30-pack index was down 148 points or 0.38 per cent at 38,918.40 while its NSE counterpart Nifty was at 11,703, down 51 points or 0.44 per cent.
"In the current truncated week, major move on either side is unlikely.
However, within the band of 11,550-11,850 it could behave in a volatile manner; thereby continuing its consolidation phase," YES securities said in a note.Among Nifty stocks, 22 advanced while 28 declined.Meanwhile, in the Sensex kitty of stocks, 11 stocks gained and 19 declined.
YES Bank was the biggest loser, plummeting over 26 per cent after the private-sector lender on Friday posted a loss of Rs 1,507 crore for the March quarter and foreign brokerage Macquarie double-downgraded the bank following its results.
The brokerage has cut price target for the stock by 40 per cent.
Other losers were Hero MotoCorp, Maruti Suzuki, IndusInd Bank, Vedanta and Sun Pharma.Shares of Hero MotoCorp declined over 1 per cent to Rs 2,563 following a 24.51 per cent year-on-year fall in profit at Rs 730.32 crore.On the other hand, Asian Paints, HDFC Bank, HCL Tech and Kotak Mahindra Bank were among the top gainers.BSE Midcap and BSE Smallcap slipped 1.13 per cent and 0.94 per cent, respectively.On the BSE sectoral barring IT, Teck, FMCG and Oil Gas all other sectors declined.
BSE Realty was the biggest loser, down, 2.36 per cent led by realty giant DLF.