Bank stocks drag Sensex down 318 points; Nifty ends below 11,600

Yes Bank was the biggest loser in the Sensex pack in absolute terms, cracking 12.85 per cent, after the company reported a massive 92.44 per cent slump in consolidated net profit to Rs 95.56 crore.
ONGC, Tata Motors, M&M, Maruti, Vedanta, Bajaj Auto, TCS, SBI and HCL Tech lost up to 4.24 per cent.

Illustration: Uttam Ghosh/Rediff.com

Snapping its three-day rising streak, equity benchmark BSE Sensex slumped 318 points on Thursday, dragged by a sell-off in index heavyweights RIL, TCS, ICICI Bank and SBI.

The 30-share index settled 318.18 points or 0.81 per cent lower at 38,897.46.

It hit an intra-day low of 38,861.25 and a high of 39,204.47.

Similarly, the broader NSE Nifty broke below the 11,600 mark, ending 90.60 points or 0.78 per cent down at 11,596.90. During the day, the index hit a low of 11,582.40 and a high of 11,677.15.

Yes Bank was the biggest loser in the Sensex pack in absolute terms, cracking 12.85 per cent, after the company reported a massive 92.44 per cent slump in consolidated net profit to Rs 95.56 crore.

ONGC, Tata Motors, M&M, Maruti, Vedanta, Bajaj Auto, TCS, SBI and HCL Tech lost up to 4.24 per cent.

On the other hand, HDFC was the top gainer, rallying 2.26 per cent, followed by Kotak Bank, HDFC Bank and ITC that rose up to 0.31 per cent.

According to traders, market witnessed across-the-board selling with heavyweights Reliance Industries, TCS, ICICI Bank, SBI and Maruti dragging key indices, while gains in HDFC twins capped the losses to some extent.

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