Sensex Sinks 514 Points As US Bond Yields Rise; Midcaps Plunge

Benchmark indices fell in trade, as US Bond yields rose. It was carnage in midcap stocks, though PSU banks managed to hold steady.

Posted By:
Subscribe to GoodReturns

The first day of trading for the week, began on a dismal note, with the benchmark indices falling for the second trading day in a row.

Sensex Sinks 514 Points As US Bond Yields Rise; Midcaps Plunge
The Sensex ended the day lower by 514 points, while the Nifty fell 187 points in trade. Leading the Sensex losers was Tata Motors, which fell a huge 8 per cent in trade after the company's results lagged estimates.The other disappointent in terms of quarterly numbers also came from a Tata Group company, Tata Steel.

The shares lost as much as 7 per cent in trade, on heavy selling pressure. Other Nifty losers were Vedanta and Maruti. The one pocket that managed to hold steady was the PSU banking space, led by Bank of Baroda. The stock surged in trade, after slippages at the bank fell. Bank of Baroda ended the day higher by a huge 9 per cent in trade.

Most other PSU Banking stocks ended the day higher, including State Bank of India. Shares in HDFC, which is normally considered strong in a falling market as well, fell after IRDAI expressed concern over the HDFC Life and Max Life merger.

Midcap shares also fell in trade with stocks like Arvind losing a huge 8 per cent and Aditya Birla Nouvo lost as much as 7 per cent.

Shares in Corporation Bank surged after the company's non performing assets fell. Meanwhile, the rupee was last seen trading at 67.69 to the US dollar.

GoodReturns.in

Read more about: sensex, nifty
Story first published: Tuesday, November 15, 2016, 15:03 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?