Sensex plunges down by more than 500 pts; Nifty slips below 11k

Sensex plunges down by more than 500 pts; Nifty slips below 11k
Sensex plunges down by more than 500 pts; Nifty slips below 11k

Sensex plunges down by more than 500 pts; Nifty slips below 11k

Mumbai
Finance Minister Arun Jaitley on Monday assured that non-banking financial companies (NBFCs), mutual funds and small and medium enterprises will not be allowed to lose liquidity. Despite Jaitley’s statement, there was no drop in the market. Sensex has lost more than 550 points due to decline in banking and NBFC shares.

The Nifty plunged by more than 150 points and slipped below 11000 mark. Heavyweight HDFC, HDFC Bank, Kotak Bank, ICICI Bank, Maruti, IndusInd Bank, were composed of weakness in M & M’s pressure on the market. However, with the increase in ONGC, Infosys, HUL, business is happening. At present, the Sensex is trading 1.23% and the Nifty is down by 1.42%.

During early trading, YES Bank, ONGC, Vedanta, Infosys, Coal India, NTPC, Reliance Industries, L & T, ITC, HUL grew in the gains. However, Bharti Airtel, M & M, HDFC, Maruti, ICICI Bank, Wipro, HDFC Bank and Tata Steel have witnessed fallen.

Weakness has been witnessed in mid-caps and smallcap stocks and large-cap shares as well. BSE’s mid-cap index has fallen by 0.94 percent, while the Nifty Midcap 100 index has dropped by 1.47 percent. BSE’s Smallcap Index is trading with 1.08 percent down.

The effect of the negative sentiment on non-banking finance companies is also seen on the financial stocks. The turnover in the Nifty was 540 points i.e. about 2.08 percent. In Nifty bank stocks, there is a decline in all except YES Bank. ICICI Bank, Bank of Baroda, Kotak Bank, IndusInd Bank, Federal Bank, IDFC, Axis Bank and RBL Bank fell from 4.57 to 0.49 per cent.

by-gns