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Equity Indices Close With Moderate Loss, IndusInd Bank Sinks By 5.6%

Among stocks, IndusInd Bank was the top loser after dipping by 5.58 per cent to Rs 1,399 per share.

Photo Credit : Reuters


Equity benchmark indices traded in a narrow range on Wednesday as investors awaited more details on the US-China trade deal set to be signed in Washington later in the day.

The United States said it will maintain tariffs on Chinese goods until after the US presidential election in November. That dented market sentiment across the globe. The BSE S&P Sensex closed 80 points lower at 41,873 while the Nifty 50 slipped by 19 points at 12,343. Sectoral indices at the National Stock Exchange were mixed.

Among stocks, IndusInd Bank was the top loser after dipping by 5.58 per cent to Rs 1,399 per share. A day earlier, it reported deteriorating asset quality in the third-quarter results (Q3 FY20) despite a 33 per cent jump in net profit.

IT major Wipro too suffered a fall of 3.5 per cent at Rs 248.20 per share while Infosys dipped by 1.2 per cent and Tech Mahindra by 0.58 per cent. State Bank of India closed 1.2 per cent lower.

But Yes Bank made a dramatic U-turn around noon and closed 3.5 per cent higher at Rs 39.90. It announced invoking a pledge and acquired 30 per cent of Rosa Power Supply Company Ltd, a wholly-owned subsidiary of Anil Ambani-led Reliance Power.

"The bank's overall capital adequacy ratio is comfortably above regulatory requirements and all efforts are being made to financially strengthen the bank even further," it said in a statement later during the afternoon.

Meanwhile, stocks slipped in Asian trade as investors awaited the signing of an initial US-China trade deal. Reports said the trade truce set to be signed later today in Washington (local time) does not include a deal to roll back tariffs imposed on billions of dollars worth of Chinese goods.

US Treasury Secretary Steven Mnuchin said a day earlier that Washington will maintain tariffs on Chinese products until the completion of the second phase of US-China trade agreement.

Japan's benchmark Nikkei shed 0.45 per cent and South Korea's Kospi by 0.35 per cent. China's Shanghai Composite fell by 0.54 per cent and Hong Kong's Hang Seng dropped by 0.39 per cent.