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(03/12/2019 14:43)

Sensex down 200 pts, Nifty below 12,000; banks top drags

Indian benchmarks continued to hover in red during the noon trading session amid selling in index heavyweights including amid losses in banking stocks including Punjab National Bank which shed over 4 percent followed by Bank of Baroda and IDFC First Bank, each down over 3 percent. The other losers included YES Bank, RBL Bank, IndusInd Bank, ICICI Bank, Federal Bank and Axis Bank.

Bank stocks were under pressure on report that Indian banks need an additional USD 7 billion (Rs 50,000 crore) equity by 2020-21 to support loan growth and cover for bad loans, Fitch Ratings said on Tuesday adding a slowing economy could exacerbate asset-quality tension for a sector grappling with weak recoveries and ageing provisions.

Meanwhile, European shares on Tuesday recovered from two-week lows hit in the previous session, getting a boost from technology and bank stocks, even as investors still grappled with prospects of fresh global trade disputes.

Trade-sensitive German shares climbed 0.7 percent, although French stocks rose only marginally after US threatened of punitive duties of up to 100 percent on USD 2.4 billion in imports from France including Champagne, handbags and cheese.

At 14:35 hours, the 30-share benchmark index was trading at 40599.16 down by -203.01 points or by -0.5 % and then NSE Nifty was at 11977.35 down by -70.85 points or by -0.59 %.

Sensex touched intraday high of 40885.03 and intraday low of 40554.04 The NSE Nifty touched intraday high of 12068.6 and intraday low of 11960.05

The top gainers of the BSE Sensex pack were Bajaj Auto Ltd. (Rs. 3232.75,+2.30%), Tata Consultancy Services Ltd. (Rs. 2055.35,+1.70%), Infosys Ltd. (Rs. 697.65,+0.69%), Hero MotoCorp Ltd. (Rs. 2420.40,+0.61%), Kotak Mahindra Bank Ltd. (Rs. 1639.80,+0.42%), among others.

The top losers of the BSE Sensex pack were YES Bank Ltd. (Rs. 60.20,-6.01%), Tata Motors Ltd. (Rs. 66.50,-4.86%), Tata Steel Ltd. (Rs. 401.85,-4.50%), Vedanta Ltd. (Rs. 140.10,-3.15%), IndusInd Bank Ltd. (Rs. 1539.55,-2.33%), among others.

Among the sectors, IT index was at 14841.42 up by 92.14 points or by 0.62%. Mastek Ltd. (Rs. 383.45,+5.85%), Quick Heal Technologies Ltd. (Rs. 138.40,+4.22%), Aurionpro Solutions Ltd. (Rs. 66.40,+1.76%), Tata Consultancy Services Ltd. (Rs. 2055.35,+1.70%), Majesco Ltd. (Rs. 416.85,+1.61%),.

On the flip side, Metal index was at 9551.8 down by -257.55 points or by -2.63%. Jindal Steel & Power Ltd. (Rs. 148.40,-6.90%), Tata Steel Ltd. (Rs. 401.85,-4.50%), JSW Steel Ltd. (Rs. 256.65,-4.38%), Steel Authority of India (SAIL) Ltd. (Rs. 37.95,-3.80%), Vedanta Ltd. (Rs. 140.15,-3.11%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2781 , shares advanced were 875 while 1673 shares declined and 233 were unchanged.