Sensex Drops 334-pt; Yes Bank slip 10pc

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Key Benchmark indices declined sharply in the weekend Friday, led by losses in Yes Bank which slipped over 10-pc in trade.

The Nifty bank index, in which the Yes bank is a constituent, slipped 1.17% to 31,341.55 as the top loser on both benchmarks. The other major losers in the Bank index are RBL Bank, Bank of Baroda, SBI, PNB, IndusInd Bank, IDFC First and Federal Bank, which were down 3 to 7.5%

The Sensex closed 334 points lower at 40445 while the Nifty scaled down at 11921.50, lower by 97 points. Kotak Mahindra Bank, Tata Steel and Reliance Industries were among major gainers in the Sensex.

Shares of Yes Bank have dropped 10.47-pc to Rs55.60-per share after Moody’s downgraded Yes Bank’s long-term foreign-currency issuer rating from Ba3 to to B2.

Followed by the Yes Bank, the other major losers in the Nifty are SBI, ZEEL, IndusInd Bank and GAIL, whereas Bharti Infratel, Kotak Bank, JSW Steel, Tata Steel and Dr.Reddys were top gainers.

The entire Nifty sectoral indices ended in the red with major selling witnessed in PSU bank, Media and Banking.To get Best profitable Stocks and the best stock to buy Tips visit our website.

Shares of Vodafone Idea slipped 5.48% after dipping 7% intraday, after reports that the company may have to shut shop, if the govt does not provide relief.

Shares of Allcargo Logistics gained 2.55% to Rs96.60-per share on acquisition plans.

For the week, the Sensex dropped 0.8%, while the Nifty corrected by 1%.

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