Sensex ends 74 points lower; Yes Bank plunges 7.11 per cent

Shares of Yes Bank plummeted 7.11 per cent on concerns over the valuation of stake in CG Power, which has been hit by financial irregularities.

Published: 20th August 2019 04:35 PM  |   Last Updated: 20th August 2019 04:35 PM   |  A+A-

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For representational purposes (File Photo | Reuters)

By PTI

MUMBAI: Snapping its three-session rising streak, equity benchmark Sensex closed 74 points lower on Tuesday, dragged by losses mainly in financial counters as investors remained cautious in view of prevailing economic uncertainty.

Shares of Yes Bank plummeted 7.11 per cent on concerns over the valuation of stake in CG Power, which has been hit by financial irregularities.

The bank holds 12.79 per cent stake in CG Power. However, gains in auto stocks capped the Sensex loss to a large extent. After opening on a positive note, the 30-share index swung 292 points, finally settling 74.48 points, or 0.20 per cent, lower at 37,328.01.

It hit an intra-day high of 37,511.55 and low of 37,219.90. The broader NSE Nifty too ended 36.90 points, or 0.33 per cent, down at 11,017.

During the day, it oscillated between a high of 11,076.30 and low of 10,985.30. Yes Bank was the biggest loser in the Sensex pack, plummeting up to 7.11 per cent, followed by IndusInd Bank, ITC, Axis Bank, Vedanta and ICICI Bank, which fell up to 2.43 per cent.

Top gainers included Maruti, Tata Motors, HCL Tech, Infosys, M&M, HUL, Hero MotoCorp, TCS and Kotak Bank, that rose up to 4.15 per cent.

Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent.

While, BSE IT, auto, teck and consumer durables indices ended in the green. Broader BSE midcap and smallcap indices closed up to 0.62 per cent lower.

"Volatility continued in the market as investors remained risk-averse due to uncertainties over economic growth.

While IT index outperformed given its defensive tag helping investors to tide over the volatility.

Good monsoon, the transmission of the rate cuts and effective measures by government will add some stability to the market," Vinod Nair, Head of Research, Geojit Financial Services, said.

Globally, investors are keenly awaiting comments from Federal Reserve Chair Jerome Powell in Jackson Hole, Wyoming, US, later this week.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended on a mixed note. Equities in Europe were trading a tad higher in their respective early sessions.

Depreciating domestic currency too pulled down bourses here, traders added. The Indian rupee depreciated 33 paise to 71.76 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 0.17 per cent to USD 59.84 per barrel.

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