Nifty below 11K, Sensex down 894 pts and Yes Bank share price tanks 56% today

Sensex, Nifty and Yes Bank Share price: It was a weak start for the Indian share market today. The global market indication was negative in the pre-opening session. The Yes Bank share price was in the limelight today in the market after RBI’s yesterday’s decision of superseding Yes Bank’s Board and restrict per day deposit withdrawal limit at Rs 50,000.

On the other hand, the worldwide outbreak of coronavirus continues to worsen the global economic sentiments. This has increased the demand for gold and a sharp fall in the equity market on the fears of a recession.

 

Sensex, Nifty and Yes Bank Share price today

The Indian share market closed in a negative zone in the end and Nifty closed below 11,000 levels. The Nifty share price fell 279.55 points or 2.48% and at 10989.45 while Sensex tanks 893.99 points or 2.32% and at 37576.62. The Bank Nifty fell 1013.85 points or 3.52% and closed at 27801.50.

The Nifty midcap 100  and smallcap 100 indexes also down more than 2% today. The Nifty midcap index fell 394.75 points or 2.35% whereas smallcap was down 142.55 points or 2.55% today.

The gainers in the Nifty50 stocks for the day are Maruti Suzuki, Bajaj Auto, Gail, and Asian Paints. The losers in the Nifty50 stocks for the day are Yes Bank share price, Tata Motors, Zee Entertainment, Tata Steel, and SBI.

In the Nifty midcap space, the gainers are Indiabulls Ventures, Varun Beverages and the losers are RBL Bank, Max Financials. In the Nifty smallcap space the gainers for the day are Future Life, Reliance Comm and the losers are Allahabad Bank, Andhra Bank.

Among the sectors, all the sectors closed in red today. The top losers are Banks, Aviation, Media, Metal and Oil & Gas. These sectors closed below 3 % today.

Today FIIs sold Rs 3594.84 crores today whereas DIIs bought Rs 2543.78 crores in the cash segment.

 

Yes Bank share in the news today

The National Stock Exchange (NSE) in its circular clarified that no F&O contracts shall be available in the Yes Bank for trading in the derivatives segment from May 29, 2020, onwards. At present Yes Bank is under the ban period in the derivative segment. 

Yesterday JP Morgan has revised the target price of Yes Bank share price from Rs 55 to Re1. The share price of Yes Bank opened today at 15% lower and closed at 56% down today. Several broking houses have downgraded the Yes Bank and recommended for the sale today. Finance minister Nirmala Sitharaman has clarified during the market hours that the steps taken by the RBI are in the interest of depositors.

Within 24 hours of RBI’s intervention on Yes Bank, RBI has announced the reconstruction plan and asked suggestions from investors, shareholders within 9th March to finalize. The key takeaways of the reconstruction plan can be read here

As SBI is likely to take the stake in Yes Bank the share price of SBI fell nearly 11% on intraday today. In the end, the share price of SBI fell 6.24% and closed at Rs 270.50 per share.

 

Others shares in the news today

Mahindra & Mahindra has reported a 56% fall in its February production against the same period last year. The share price of M&M  fell 1.73% and closed at Rs 471 per share.

Maruti Suzuki Indian has reported its production declined by 5.4% as against the same period last year. The share price of Maruti Suzuki has gained 1.26% and closed at Rs 6445.95 per share.

Moody has affirmed ratings on JSW Steel and changed the outlook on the rating to stable from positive. The share price of JSW Steel has fallen by 3.38% and closed at Rs 238.80 per share.

USFDA has issued Form 483 with 3 observations for Dr. Reddy’s Lab API manufacturing plat at Telangana. The share price of Dr. Reddy’s Lab fell 0.42% and closed at Rs 3170.90 per share.

Alembic Pharma has declared an interim dividend of Rs 10 per equity share. The share price of Alembic Pharma has fallen by 1.23% and closed at Rs 625.90 per share.

Tata Motor has reported that its China sales have been impacted due to coronavirus. The share price of Tata Motor fell 9.18% and closed at Rs 114.20 per share.

NCLT has approved a resolution plan of NBCC (India) with regard to taking over Jaypee Infratech. The share price of NBCC has fallen by 5.79%  and closed at Rs 24.40 per share

HCC has defaulted in payment of the principal amount of Rs 305.06 crore excluding interest of Rs 122.34 crore from different banks and financial institutions. The share price of HCC fell 8.07 % and closed at Rs 7.40 per share.

 

Conclusions:

Indian market closed in a negative zone today, Nifty closed below 11,000 level. The global market is volatile and trading in fear of coronavirus and its impact on economic growth. Gold price is surging and crude is trading lower. FIIs are continuously selling in the cash markets.

In the domestic front along with coronavirus, Yes Bank share price news has subdued the market sentiments. Indian share market is looking down at present traders should strictly trader with stop loss in the market.

 

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Editor’s desk