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Nifty Weak For Fourth Straight Day; Yes Bank Jumps 21%

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Markets were trading lower, led by losses in metal and mining stocks like Coal India, Hindalco and Vedanta.

 

Global cues were extremely weak with the US markets closing with solid cuts overnight, while Asian markets from the Japanese Nikkei to the Hong Kong's Hang Sang were lower.

Nifty Weak For Fourth Straight Day; Yes Bank Jumps 21%
YES Bank: Quotes, News
BSE 12.77BSE Quote0.02 (0.16%)
NSE 12.75NSE Quote0 (0.00%)

Weakish sentiments from across the globe, led the Sensex to fall 114 points, while the Nifty was down 32 points in trade.

Shares in Yes Bank gained as much as 21 per cent, recouping most of Tuesday's losses, as pledged share sale almost ended. Clarifications from the management also led to some recovery in the stock. Most stocks from the financial sector saw gains including the beaten down names like RBL Bank, LIC Housing Finance and Yes Bank were among the big gainers in trade.

Interestingly, the heavyweight twins of HDFC and HDFC Bank were dragging the indices lower, while the badly battered stocks saw some buying interest.

Most of the auto stocks that were reacting to numbers saw some decent gains, including the likes of Hero Motor Corp, Eicher Motors and Tata Motors.

 

Markets are expected to continue to display weakness as global growth worries continue to weigh across markets. Investors are advised some caution, as weakness may continue to persist in the coming days.

GoodReturns.in

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