Sensex, Nifty Fall For Third Straight Session Led By Decline In Banks

The S&P BSE Sensex and NSE Nifty 50 Indexes fell for third session in a row led by decline in private sector lenders like Kotak Mahindra Bank, Axis Bank, IndusInd Bank, HDFC Bank and ICICI Bank. The benchmarks opened lower owing to selling pressure in helthcare shares but extended intraday losses after banking, finance telecom and auto sector shares came under selling pressure. The Sensex fell as much as 378 points and the Nifty 50 Index dropped below important psychological level of 11,800.

The Sensex ended 289 points or 0.73 per cent lower at 39,458 and the NSE Nifty 50 Index fell 91 points or 0.76 per cent to end at 11,823.

All the 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty Media Index's 2.3 per cent decline.

Realty, Financial Services, Bank, Private Bank, FMCG and Auto sector gauges also dropped between 1 and 2 per cent each.

Mid- and small-cap shares also faced selling pressure as the Nifty Midcap 100 Index fell 0.9 per cent and the Nifty Smallcap 100 Index declined 0.8 per cent.

IndusInd Bank was top loser in the Nifty 50 basket of shares, the stock fell 4.6 per cent to close at Rs 1,420.

Indiabulls Housing Finance, Zee Entertainment, Bharti Airtel, Eicher Motors, Axis Bank, Kotak Mahindra Bank, Yes Bank, JSW Steel and Bajaj Auto were also among the losers.

On the flipside, Bharti Infratel, Larsen & Toubro, Sun Pharma, Power Grid, Adani Ports and Wipro were among the notable gainers.

The overall market breadth was extremely bearish as 1,245 shares ended lower while 514 ended higher on the National Stock Exchange.