Sensex, Nifty Slump as Bank Asset Quality Worries Markets

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, January 30, 2015, 15:42 [IST]

The Sensex and the Nifty came crashing down in trade today with the Nifty ending a solid unbeaten run on a poor note following asset quality concerns of banks.

The Sensex ended the day lower by a huge 498 points, while the Nifty fell 143 points in trade. Leading the set of losers from the Nifty was Bank of Baroda which fell a huge 11 per cent, while State Bank of India dropped almost 5.5 per cent.

Private sector banking stocks also slumped after ICICI Bank reported an increase in non performing assets. ICICI Bank shares fell more than 5 per cent, while HDFC Bank, Yes Bank and Axis Bank were among the losers.

Apart from the banking sector other Coal India also fell after the government's stake sale in the company. HCL Tech was among the stars in trade today rallying a huge 8 per cent after the company reported a spectacular set of quarterly numbers. Shares in Dr Reddy's dropped almost 4 per cent after the company's results failed to impress the markets.

Infosys and TCS the other tech stocks ended flat despite the spectacular rally in HCL Tech. Meanwhile, markets in Asia ended the day marginally higher, while most of Europe was trading with marginal gains.

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