Sensex slumps 194 points to close at 39,757, Nifty falls 59 points; Yes Bank shares tumble over 3%

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

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 percent, 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 percent, 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.

 Sensex slumps 194 points to close at 39,757, Nifty falls 59 points; Yes Bank shares tumble over 3%

Representational image. Reuters.

Yes Bank was the worst performer in the Sensex pack, declining 3.34 percent, 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 percent.

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 percent.

According to experts, the market mood turned negative tracking weak cues from overseas markets after US President Donald Trump on 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 percent, Hang Seng ended 1.73 percent lower, Nikkei slipped 0.35 percent and Kospi shed 0.14 percent.

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 percent to $60.69 per barrel.

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