Reference rates record the first loss in 4 days; Yes 7 pc dive bench

Mumbai, August 20 () Sensex and Nifty benchmarks recorded losses after three earnings sessions on Tuesday, with sales at the bank counters that offset the increase in car and IT stocks amid the investors who expect stimulus measures to stop the economic slowdown.

Among Sensex components, Yes Bank collapsed 7.11 percent due to concerns about its exposure to CG Power, which has been affected by financial irregularities. The bank owns a 12.79 percent stake in CG Power.

After opening with a positive note, the Sensex of 30 shares turned 292 points and finally settled 74.48 points, or 0.20 percent, to 37,328.01. It reached a maximum intraday of 37,511.55 and a minimum of 37,219.90.

The broader Nifty NSE also finished 36.90 points, or 0.33 percent, down at 11,017. During the day, it ranged from a maximum of 11,076.30 to a minimum of 10,985.30.

In the previous three sessions, Sensex won 444.33 points, or 1.20 percent, while the Nifty advanced 128.05 points, or 1.17 percent.

On Tuesday, Yes Bank was the biggest loser of the Sensex package, plummeting to 7.11 percent, followed by IndusInd Bank, ITC, Axis Bank, Vedanta and ICICI Bank, which fell to 2.43 percent.

The main winners were Maruti, Tata Motors, HCL Tech, Infosys, Mu0026M, HUL, Hero MotoCorp, TCS and Kotak Bank, which rose to 4.15 percent.

Domestic markets continue to falter under the pressure of slowing growth and the consensus of the street is that the government can propose a special package to boost the economy. Q1FY20 revenues have also had little shine so far, market analysts said.

Sectorially, the BSE metal, basic materials, energy, real estate, energy, oil and gas, finance, consumer goods, bankex and telecommunications indexes fell to 1.71 percent.

Meanwhile, the indexes of EEB IT, auto, teck and consumer durables ended in green.

The broader BSE midcap and smallcap indexes closed up to 0.62 percent lower.

Foreign institutional investors (FII) continued to be net sellers in capital markets, extracting Rs 305.74 million on Monday, according to interim exchange data.

Volatility continued in the market as investors remained risk averse due to uncertainties about economic growth. Meanwhile, the IT index exceeded the performance given its defensive label that helps investors overcome volatility. Good monsoon, transmission of rate cuts and effective measures by the government will add some stability in the market, said Vinod Nair, head of research at Geojit Financial Services.

Globally, investors anxiously await comments from Federal Reserve President Jerome Powell in Jackson Hole, Wyoming, USA. UU., Later this week.

In other parts of Asia, the Shanghai, Hang Seng, Kospi and Nikkei composite index ended with a mixed note.

Shares in Europe were quoted a little more in their respective first sessions.

The depreciation of the national currency also lowered the exchanges here, operators added.

The Indian rupee depreciated 25 paise at 71.69 against the US dollar during the day. Brent crude futures, the world benchmark for oil, rose 0.17 percent to USD 59.84 per barrel. ANS MKJ