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Last Updated : Dec 06, 2019 03:08 PM IST | Source: Moneycontrol.com

D-Street Buzz: Banks bleed led by YES Bank, RBL Bank, SBI; Omaxe tanks 20%

About 688 shares have advanced, 1630 shares declined, and 144 shares are unchanged.

Representative image
Representative image

Indian stock market continues trading in the red with Sensex down 322.50 points or 0.79 percent at 40457.09 while the Nifty shed 92.20 points and is trading at 11926.20.

Nifty PSU Bank is the underperforming sector, down close to 4 percent after the Reserve Bank of India decided to hold interest rates. Investors booked profit on fears of weak economic growth.

The MPC significantly increased its CPI inflation forecast for H2 FY20 to 5.1-4.7 percent from the earlier 3.5-3.7 percent, with risks broadly balanced.

Close

Following the continued drop in GDP (gross domestic product) in Q2 FY20, the MPC has considerably reduced its projection for economic growth for the year to March to 5 percent, from the previous 6.1 percent with risks evenly balanced in October 2019.

The top losers from the sector included Central Bank of India and Union Bank of India which are down over 5 percent each followed by State Bank of India, PNB, Bank of Baroda, Canara Bank, Indian Bank and Bank of India.

The auto index shed over a percent dragged by Mahindra & Mahindra, Tata Motors, Bosch, TVS Motor, Maruti Suzuki, Eicher Motors, Exide Industries and Hero MotoCorp.

Share price of RBL Bank tanked over 7 percent and is the top BSE midcap loser after the bank concluded the QIP of Rs 2,025 crore at the issue price of Rs 351 per share (including premium of Rs 341) pursuant to the

allotment of 5.77 crore equity shares.

Share price of MMTC is the top gainer from the midcap space, jumping over 11 percent. The stock witnessed spurt in volume by more than 18 times and also touched upper circuit of Rs 21.50.

YES Bank is the top losers and is also the most active share, down over 8 percent after Global ratings agency Moody's on December 5 downgraded the ratings on private sector lender Yes Bank with a negative outlook citing asset quality concerns and the shrinking capital buffers.

The agency said the bank's claim to have received investor interest to the tune of USD 2 billion has "significant execution risks around the timing, price and regulatory approvals".

The top gainers from the Nifty index are Bharti Infratel, Dr Reddy's Labs, Kotak Mahindra Bank, Tata Steel and JSW Steel while the top losers include YES Bank, Zee Entertainment, State Bank of India, HDFC and GAIL India.

The most active stocks are ICICI Bank, YES Bank, State Bank of India, Indiabulls Housing Finance and Reliance Industries.

Narayana Hrudayalaya, Century Textiles, ICICI Securities, City Union Bank and Max Financial Services have hit new 52-week high while Cummins India, GAIL India and Allahabad Bank hit 52-week low.

About 688 shares have advanced, 1630 shares declined, and 144 shares are unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Dec 6, 2019 03:08 pm
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