MARKET LIVE: Sensex plunges 1,500 pts; SBI Cards lists at 12% discount – Business Standard, Business-standard.com

Indian benchmark indices slipped nearly 5 per cent, dragged down by bank stocks, on Monday as sell-off resumed after a day’s halt.

The uncertainity regarding the effect of the coronavirus epidemic continued to keep investor sentiment in check even though the US Federal Reserve cut interest rates to near-zero on Sunday in another emergency move to help shore up the US economy amid the increasing escalating global coronavirus pandemic. READ MORE

The S&P BSE Sensex was down 1, 564 points, or 4.6 per cent, at , levels. Index-heavyweight HDFC slipped over 7 per cent after leading Friday’s rebound rally. State Bank of India was also down over 6 per cent after Friday’s 13 per cent up move. IndusInd Bank was down over 8 per cent.

Meanwhile, YES Bank surged over per cent to as much as 90. per cent on the NSE in a weak market despite reporting a net loss of Rs , . (crore for the Q3FY) quarter.

The broader Nifty index hovered around 9, (levels, down points, or 4.5 per cent. All the Nifty sectoral indices were trading in the red with Nifty Bank, Nifty Private Bank, and Nifty PSU Bank indexes (all down over 5% each) taking the deepest cuts.

In the broader market, the S&P BSE MidCap index was down 610 points, or 4.4 per cent, and the S&P SmallCap dipped 661 points, or 5. per cent.

NEW LISTING

Shares of SBI Cards & Payment Services (SBI Cards) listed at Rs 823, (per cent below its issue price of Rs on the National Stock Exchange (NSE) on Monday. On the BSE, it opened at Rs 728, per cent lower against issue price. READ MORE