New Delhi: The stock markets suffered sharp losses on Tuesday as the BSE Sensex fell 362 points. NSE Nifty benchmark hit the low of 11,247. Yes Bank was one of the top Nifty losers today. This was the lowest since the announcement of the corporate tax cut last month, a PTI report said.
Apart from yes Bank, other major losers were IndusInd Bank, SBI, Bharti Airtel, ONGC, Tata Steel and Reliance Industries — falling as much as 6.30 per cent. Among the Sensex constituents, HDFC twins, Mahindra and Mahindra, Maruti Suzuki, Kotak Bank, HUL and Asian Paints ended in the green.
The broader BSE smallcap, midcap and largecap indices underperformed the benchmark, losing up to 1.61 per cent. Sectorally, telecom dropped 4.53 per cent, followed by realty 3.88 per cent, tech 2.20 per cent and IT 1.68 per cent. Of the 19 sectoral gauges compiled by the BSE, 17 closed in the red.
According to experts, the PMC scam has affected the market as investors are cautious amid the PMC crisis deepening. The Mumbai police on Monday filed a case against the former bank management and promoters of HDIL in the PMC case. An SIT will be set up to probe the case.
Official data released after market hours on Monday showed that the output of eight core infrastructure industries fell 0.5 per cent in August. In further worries for the auto sector and the economy as a whole, automobile sales have witnessed a sharp decline again in September.
(With Agency inputs)