Sensex Recovers 900 Points After Plummeting 1,100 Points; Nifty Reclaims 11,100 Mark
Amid major selloff in finance stocks, the BSE Sensex reclaimed nearly 900 points in the afternoon session
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The BSE Sensex recovered nearly 900 points after plummeting over 1,100 points within a matter of minutes in afternoon session on major selloff in finance stocks, despite firm global cues and rupee recovery.
The 30-share index had plunged 1127.58 points, or 3.03 per cent, to hit an intra-day low of 35,993.64. It, however recovered nearly 900 points within minutes of the fall. The index was trading 171.39 points, or 0.46 per cent, lower at 36,949.83 at 1340 hrs.
The broader NSE Nifty cracked below the 11,000 mark, falling 367.90 points, or 3.27 per cent, to touch a low of 10,866.45, before recovering over 300 points to traded near 11,169.90.
Heavy selling was witnessed in realty, healthcare, banking, IT, auto, teck, power consumer durables, FMCG, capital goods, infrastructure, metal and PSU indices, which fell up to 3.65 per cent.
Yes Bank was the biggest Sensex loser, cracking 34 per cent to hit a one-year low after the Reserve Bank Wednesday curtailed the term of its founding CEO Rana Kapoor and asked the private sector lender to look for his replacement by January 2019.
Other banking stocks such as PNB, Federal Bank, Bank of Baroda, Kotak Bank and SBI, dropped up to 7.44 per cent. Other major losers were Adani Ports, Tata Motors, Infosys, Sun Pharma, SBI, Maruti Suzuki and HUL, falling up to 3.15 per cent.
Among hosing finance stocks, DHFL led the pack by tanking over 50 per cent, followed by Indiabulls Housing Finance, Can Fin Homes, PNB Housing Finance and LIC Housing Finance cracking up to 17 per cent.