Share Market Update: Sensex, Nifty Close Negative Amid Economic Slowdown Fear; Yes Bank Tanks 7%
After opening on a lower note, domestic benchmark indices BSE Sensex and NSE Nifty extended losses on Wednesday snapping its three-day rising streak tracking heavy losses in metals, energy, banking and auto counters.
Yes Bank was the biggest loser in the Sensex pack, plunging 7.47 per cent, after Moody's Investors Service downgraded the lender's long-term foreign-currency issuer rating, terming the bank's outlook as negative. Vedanta, Tata Steel, Tata Motors, ONGC, M&M, Maruti, NTPC and HUL too fell up to 4.06 per cent.
On the other hand, HCL Tech, Infosys, Tech Mahindra, HDFC, TCS and Asian Paints rose up to 2.61 per cent. According to traders, besides stock-specific sell-off, fears of an impending global recession kept investors nervous.
Sectorally, realty stocks gained the most, with the Nifty Realty index ending 2.4 per cent higher which was followed by Nifty IT index which closed 1.3 per cent higher. On the negative front, Nifty Metals index shed 3.4 per cent, followed by Nifty Auto index, down 2 per cent.
A unit of Fitch Ratings, India Ratings and Research, lowered its FY20 gross domestic product (GDP) growth forecast for the country to 6.7% from 7.3%, souring domestic sentiment. According to a Reuters polls, the GDP data for the April-June quarter is due on Friday, and the economy likely expanded at its slowest pace in more than five years during the period, driven by weak investment growth and sluggish demand.
Elsewhere in Asia, Shanghai Composite Index and Hang Seng ended in the red, while, Kospi and Nikkei settled on a positive note. Equities in Europe were trading in the negative zone in their respective early sessions.
Meanwhile, the Indian rupee depreciated 27 paise to 71.75 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 1.07 per cent to USD 59.66 per barrel.
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