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Last Updated : Sep 03, 2019 03:14 PM IST | Source: Moneycontrol.com

D-St Buzz: Bears bite equities; PSU bank index tanks 4%, YES Bank most active

Nifty PSU Bank index cracked 5 percent on losses in shares of Indian Bank, Canara Bank, Punjab National Bank and Union Bank of India that cracked up to 11 percent.

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Indian equity benchmarks suffered strong losses on September 3 on an all-round selling, led by bank, financial, metal and auto stocks.

HDFC twins, Reliance Industries, ICICI Bank, Larsen & Toubro and Axis Bank were the top drag on the Sensex index which was 710 points or 1.90 percent down at 36,623 around 1505 hours.

Tech Mahindra and HCL Tech were the only two gainers in the Sensex kitty at that time.

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The Nifty index was 206 points, or 1.87 percent, down at 10,817. Among the 50 stocks in the index, 45 were down.

Yes Bank was the most traded stock on NSE, followed by Reliance Industries, IndusInd Bank, Indiabulls Housing Finance and ICICI Bank.

PSU bank stocks were among the worst hit. Nifty PSU Bank index cracked 5 percent on losses in shares of Indian Bank, Canara Bank, Punjab National Bank and Union Bank of India that cracked up to 11 percent.

Falling economic growth, sustained capital outflow by foreign investors and trade war continued weighing on the sentiment.

India's gross domestic product (GDP) grew 5 percent in April-June 2019, official data released on August 30 showed, confirming fears of a slowdown as the government announced a second set of measures to boost the economy. The GDP growth was at 8 percent in the same quarter of 2018-19.

Foreign investors pulled out Rs 5,920 crore from the Indian capital markets in August even though the government rolled back enhanced surcharge on foreign portfolio investors (FPIs).

Automakers which released their sales data for August have shown a double-digit decline. Most global brokerage firms suggest that a cut in goods and services tax (GST) rates could help boost demand.

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First Published on Sep 3, 2019 03:14 pm
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