Sensex Plunges by 100 points; Yes Bank Takes a Hit, Tanks 9 Per Cent

Mumbai: Domestic equity benchmark BSE Sensex fell over 100 points in early trade Thursday amid heavy foreign fund outflow and negative global cues.

The 30-share index was trading 130.35 points, or 0.33 per cent, lower at 39,626.46 at 0940 hours. Similarly, the broader NSE Nifty was quoting 35.90 points, or 0.30 per cent, down at 11,870.30.

In the previous session on Wednesday, the BSE gauge settled 193.65 points, or 0.48 per cent, lower at 39,756.81; and the Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20.

Yes Bank was the worst performer in the Sensex pack, cracking up to 8.73 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade.

IndusInd Bank, Sun Pharma, Vedanta, Tata Steel, Infosys, Hero MotoCorp, Bajaj Auto and Tata Motors too fell up to 5.75 per cent.

On the other hand, L&T, TCS, Axis Bank, Bharti Airtel, Asian Paints and Bajaj Finance rose up to 1.20 per cent.

According to experts, market mood was negative tracking weak cues from global markets amid rising uncertainty over trade talks between the US and China.

While Shanghai Composite Index was trading on a positive note, Hang Seng, Nikkei, and Kospi were trading in the red in their respective early sessions.

Bourses on Wall Street too ended lower on Wednesday.

Heavy outflow of foreign funds too weighed on investor sentiment here, traders said.

Foreign institutional investors sold equity worth Rs 1,050.43 crore, while domestic institutional investors bought shares to the tune of Rs 271.15 crore, provisional data available with stock exchanges showed on Wednesday.

On the currency front, the Indian Rupee depreciated marginally to 69.37 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.08 per cent lower at 59.92 per barrel.