Market

Closing Bell: Sensex falls 189 points, Nifty below 11,050; Yes Bank top loser, down 7%

Updated : August 28, 2019 04:16 PM IST

Indian shares ended lower on Wednesday, snapping 2-day gaining streak, as worries about a global recession kept investors away cautious.

The Sensex ended 189 points lower at 37,451, while the broader Nifty50 index lost 59 points to end the day at 11,046.

Yes Bank, Tata Steel, JSW Steel, Vedanta and Coal India led the losses.

Indian shares ended lower on Wednesday, snapping 2-day gaining streak, as worries about a global recession kept investors away cautious. Meanwhile, domestic investors awaited clarity on what steps the Narendra Modi government would take to revive an industry-wide slowdown.

World stocks nudged down as deepening inversion of the US bond yield curve a day earlier threw up reminders of looming recession risks, sending investors towards safe havens such as the Japanese yen and precious metals.

The Sensex ended 189 points lower at 37,451, while the broader Nifty50 index lost 59 points to end the day at 11,046. In broader markets, the Nifty Midcap fell 0.9 percent and the Nifty Smallcap index declined 0.6 percent.

HCL Technologies, Bharat Petroleum, Infosys, Bharti Infratel and Eicher Motors were the top gainers on the Nifty50, while Yes Bank, Tata Steel, JSW Steel, Vedanta and Coal India led the losses.

Sectoral indices were mixed for the day. The Metal index lost the most, down 3 percent followed by the Nifty Auto, which fell 1.8 percent. Meanwhile, all banking indices shed over 1 percent each. However, the Nifty Realty gained 2.3 percent and the Nifty IT advanced 1.3 percent.

Yes Bank lost 7 percent after Moody's downgraded lender's credit rating with a negative outlook, citing lower-than-expected capital raising.

IDBI Bank shares slumped over 9 percent after the private lender's unsecured debt was put on 'CreditWatch with negative implications' by S&P Global Ratings.