Closing Bell: Sensex falls 362 pts, Nifty ends below 11,400; Yes Bank, DHFL hit hard

Oct 01, 04:07 PM (IST)
IRCTC IPO Subscription

The initial public offer of the state-owned Indian Railway Catering and Tourism Corporation (IRCTC) was fully subscribed on October 1, the second day of subscription .

Continued support from retail investors saw the issue being subscribed 2.60 times.

The Rs 645-crore initial public offering received bids for 5.26 crore equity shares against the IPO size of 2.016 crore shares, data available on exchanges show.

The retail investor category has been subscribed 5.80 times, while that of non-institutional investors 100 percent and qualified institutional buyers 85 percent. The reserved portion of employees subscribed 2.6 times.

Oct 01, 04:02 PM (IST)
Technical View

“Going forward it is imminent for this index to sustain above today’s low of 11,247 levels. Sustaining above the said low a consolidation in the zone of 11250–11,550 levels can be expected and unless 11,550 is cleared on the upside further strength in the index shall not be expected,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, told Moneycontrol.

He said contrary to this breach of 11,247 on closing basis can drag down the index towards critical support level placed in the zone of 11,180–11,080 levels.

Oct 01, 03:41 PM (IST)
Market Closing

Benchmark indices recouped half of losses in late trade and closed a percent lower amid sell-off in banking & financials.

The BSE Sensex was down 361.92 points at 38,305.41 and the Nifty50 fell 114.60 points to 11,359.90. More than two shares declined for every share rising on the BSE.

The broader markets underperformed frontliners with the Nifty Midcap and Smallcap indices falling 1.8 percent each.

All sectoral indices closed in the red with Nifty Bank, Auto, FMCG, Metal, Pharma and Realty declining 1-4 percent.

23 stocks out of 30 Sensex stocks caught in bear trap while rest closed in the green.

Oct 01, 03:24 PM (IST)
European Commission cleared the acquisition of Aleris by Novelis, the subsidiary of Hindalco Industries, with conditions, reports Reuters.

Oct 01, 03:23 PM (IST)
DHFL said it has no exposure to either HDIL or PMC Bank.

Oct 01, 03:20 PM (IST)
Sensex Recovers:

The market recouped more than half of its losses in late trade with the Sensex falling 331.95 points to 38,335.38 while the Nifty was trading below 11,400 levels, down 106.90 points at 11,367.60.

Oct 01, 02:57 PM (IST)
RBL Bank plunges 22%, hits fresh low

Shares of RBL Bank plunged over 22 percent to touch a fresh low of Rs 255.60 on the BSE on October 1 and appears on course to extend its losing run into the third consecutive session. The stock has been falling over concerns of its exposure to troubled Indiabulls Housing Finance.

Vishwavir Ahuja, its Managing Director and CEO, in an interview to CNBC-TV18 said the bank’s exposure to Indiabulls Group is between 0.25 percent to 0.5 percent of its total loan book.

“There seem to be some malicious speculation going on. All I want to say is that nothing has materially changed from three months back and the bank continues to be in good shape. We are growing and continue to remain profitable,” Ahuja stated.

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