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Sensex sheds 280 points, Nifty below 11,450; YES Bank tanks 7%

Broader markets opened lower than their headline peers with Nifty Midcap falling 1 per cent.

ETMarkets.com|
Sep 30, 2019, 09.54 AM IST
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BCCL
BSE-2---BCCL
Zee Entertainment, IndusInd Bank, JSW Steel and Tata Steel were among big index losers on NSE, falling over 3 per cent each.
NEW DELHI: Domestic equity market kicked off the week on a poor note, tracking subdued cues from global peers, amid reports that US is considering delisting Chinese companies from its exchanges.

Risk assets took a hit in US trade on Friday following news the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. Following the reports, Chinese shares listed on US exchanges tumbled, with Alibaba Group Holding falling 5.15 per cent and JD.com 5.95 per cent on Friday.

Sensex was down 280 points trading at 38,540 while Nifty shed around 75 points to trade at 11,438.

Broader markets opened lower than their headline peers with Nifty Midcap falling 1 per cent. Nifty Smallcap also softened 0.7 per cent.

Barring IT, all sectoral indices on NSE were trading with losses. Media, metal, pharma and realty indices were down over a per cent each. Nifty Bank was also down about a per cent.

Yes Bank was among the biggest losers on NSE, falling about 7 percent in the early trade even as the bank received acknowledgment from the Reserve Bank of India to go ahead with the proposed increase in its authorized share capital. The bank plans to raise Rs 800 crore.

The bank shall now seek necessary shareholders' consent and proceed expeditiously with its capital raise, it said in a release.

Zee Entertainment, IndusInd Bank, JSW Steel and Tata Steel were other big index losers on NSE, falling over 3 per cent each.

IT behemoths HCL Tech, TCS, Infosys and Tech Mahindra were the biggest index gainers in early trade.

Internationally, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 per cent while China's Shanghai stock index slipped 0.2 per cent, barely responding to any of the concerns around the latest Sino-US tensions that caused the Nasdaq index to fall more than 1 per cent on Friday.

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