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Markets End Lower, Yes Bank Plunges 10%

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Benchmark indices fell in trade with the Sensex closing 247 points lower, while the Nifty dropped 80 points in trade, on weak global cues. Worries over US tariffs kicking-in without a deal on Dec 15, 2019 worried global markets.

Markets End Lower, Yes Bank Plunges 10%
 

Weakness across the global markets is what pushed the indices lower. The European markets fell sharply, while the Dow Futures was pointing to cuts of nearly 0.35 per cent.

Leading the set of losers was Yes Bank, which dropped as much as 10 per cent, on fund raising worries. GAIL was another top loser from the Nifty and shed almost 4 per cent in trade today, to hit a new 52-week low. The shares have fallen significantly following a poor set of quarterly numbers for the period ending Sept 30, 2019.

Among the sectoral losers was media stocks, which were led by Zee TV and TV Today Network. Shares in PC Jeweller hit a new record low of Rs 22.25 after Crisil downgraded the stock.

Shares in TCS dropped for the second day in a row and ended lower by 2.5 per cent on sustained selling pressure.

The Larsen and Toubro stock too came under some selling pressure after a downgrade by Motilal Oswal.

Meanwhile, the rupee was trading higher at Rs 70.88 to the US Dollar, as against Monday's close of 71.10.

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