Nifty falls below 11600; PSU Bank witness selling

Markets closed lower after three consecutive days of gains on Thursday, with the BSE Sensex ending 318-pts lower at 38,897, while the NSE Nifty50 index lost 91-pts to end at 11,597. The Nifty Midcap & Smallcap index declined 1.7pc/ 1.1pc each.

Wipro, HDFC, Zee Entertainment, Britannia and HDFC Bank were among top Nifty50 gainers. On the flip side YesBank, ONGC, Coal India, Tata Motors and Maruti Suzuki led the losses.

Barring the Nifty Media & Nifty Financial Services, all the sectoral gauges, witnessed sellling pressure.

The Nifty PSU Bank gauge lost 3.18pc, and thereafter the Nifty Auto which was slipped 2.74pc. Also, the Nifty Metal index slipped 2.46pc, the Nifty Bank and Nifty Pvt Bank indices slumped more or less 1pc each. The Nifty IT & Pharma also lost 1.13pc/ 1.29pc each.

Yes Bank stock slipped 12.50pc after the bank reported a 91pc fall in Q1 profit.

IT major Mindtree slumped nearly 8pc after the company posted a 41pc drop in Q1 profit.