Market falls 200 points, Nifty below 11,850; PSU banks underperform
Shares fell more than 5 percent as company's operations in Chhattisgarh mines have been shut for the past couple of days.
Chhattisgarh mines contributed 70 percent to NMDC's sales in FY19. Yes, Bank shares plunged 9 percent and IndusInd Bank tanked 6 percent intraday after global brokerage house UBS slashed price target sharply by 47 percent and 18 percent respectively, citing weak earnings going ahead.
UBS downgraded IndusInd Bank to sell and cut-price target to Rs 1,400 from Rs 1,700 earlier while in case of Yes Bank, the brokerage maintained sell rating and slashed target to Rs 90 from Rs 170 apiece, but favored Axis Bank & ICICI Bank. Benchmark indices extended the morning losses with Nifty slipped below 11,850 marks.
At 10:03 hrs IST, the Sensex is down 193.99 points or 0.49% at 39562.82, and the Nifty down 59.70 points or 0.50% at 11846.50. About 526 shares have advanced, 1091 shares declined, and 65 shares are unchanged. Benchmark indices are trading flat in the pre-opening session with Nifty below 11,900.
At 09:01 hrs IST, the Sensex is down 9.62 points or 0.02% at 39747.19, and the Nifty down 32.70 points or 0.27% at 11873.50.source- money control
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