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Sensex, Nifty trim losses to end flat; Yes Bank tanks 29%

Sensex, Nifty trim losses to end flat; Yes Bank tanks 29%

Sensex, Nifty trim losses to end flat; Yes Bank tanks 29%
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By CNBC-TV18 Apr 30, 2019 4:04:44 PM IST (Updated)

The market trimmed losses in the last hour of trade on Tuesday to end flat. Losses in banking and auto stocks were capped by gains in IT and metal stocks.

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Yes Bank fell 29 percent today, its worst day since September 21, 2018. The lender posted a loss of Rs 1,507 crore ($216 million) for the quarter ended March 31, while analysts were expecting a profit of Rs 1,070 crore.
The BSE Sensex settled at 39,031, down 36 points, while the broader NSE Nifty50 ended at 11,748, falling 6 points. Broader markets underperformed benchmark indices with the Nifty Midcap slipping 1 percent and the Nifty Smallcap down 1.5 percent for the day.
JSW Steel, ZEE, IOC, HCL Tech, and Tata Steel were the top gainers on the Nifty, while Yes Bank, Indiabulls Housing, IndusInd Bank, Hero Moto Corp, and Bharti Infratel fell the most on the index.
Financial companies accounted for most of the weakness on the Nifty. State-run lenders fell the most, with Nifty PSU Bank index falling 3.3 percent. Nifty Bank and Nifty Private Bank fell 1 percent and 1.5 percent, respectively.
Bucking the broader trend, IT stocks advanced, with HCL Technologies adding 3.5 percent and Infosys gaining 1.5 percent. Nifty IT was up 1.2 percent.
The Nifty Metal index also gained 1.4 percent, led by JSW Steel, Tata Steel and Hindalco.
Reliance Capital and Reliance Home Finance tanked after rating agency ICRA and CARE Ratings cut the rating on some of the company’s debt programmes.
OMCs also gained with IOC and BPCL rising over 3.7 percent and 3 percent, respectively as crude oil prices fell to $72 per barrel.
Among other losers, shares of motorcycle maker Hero MotoCorp dropped 3.8 percent after it reported weak quarterly results on Friday.
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