Sensex, Nifty Snap Three-Day Winning Streak As Banks Drag

Sensex, Nifty Snap Three-Day Winning Streak As Banks Drag

The S&P BSE Sensex and NSE Nifty 50 indexes snapped their three-day winning streak led by declines in banking, auto and metal shares. The benchmarks opened on a flat note and switched direction at least six times before falling in to the negative territory. The selloff deepened in the afternoon deals wherein the Sensex plunged as much as 392 points and the NSE Nifty 50 index briefly dropped below important psychological level of 11,000. Today's selloff in equity markets came on account of profit booking after sharp surge in the last three sessions, analysts said.

The Sensex ended 189 points or 0.5 per cent lower at 37,452 and the NSE Nifty 50 Index dropped 59 points or 0.5 per cent to shut shop at 11,046.

"Markets have adequately discounted the positive triggers in the last three sessions and now await fresh cues," said Deepak Jasani, senior vice-president at HDFC Securities.

Eight of 11 sector gauges compiled by National Stock Exchange ended lower led by Nifty Metal index's over 3 per cent decline.

Nifty Private Bank, PSU Bank, Auto and Banking sector gauges also fell between 1.2 and 1.9 per cent each.

On the other hand, Nifty Realty index was top gainer, up 2.4 per cent.

Mid- and small-cap shares also witnessed selling pressure as the Nifty Midcap 100 index fell 1 per cent and the Nifty Smallcap 100 index declined 0.7 per cent.

Yes Bank was top loser in the Nifty 50 basket of shares, the stock slumped 7 per cent to Rs 59.90. Tata Steel, JSW Steel, Vedanta, Coal India, ONGC, Indiabulls Housing Finance and Tata Motors also dropped between 3-4.3 per cent.

On the flipside, HCL Technologies, Bharat Petroleum, Infosys, Bharti Infratel, Eicher Motors, Tech Mahindra and HDFC were among the gainers.

The overall market breadth was bearish as 1,108 shares ended lower while 674 closed higher on the NSE.

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