The S&P BSE Sensex and NSE Nifty 50 indexes fell for third day in a row led by losses in heavyweights like HDFC, ITC, Reliance Industries, ICICI Bank and State Bank of India. For most part of the day, benchmarks traded in a narrow band however, they extended declines in noon deals after banking shares, which are exposed to telecom operators, came under heavy selling pressure as the Supreme Court refused to accept telecom firm Vodafone Idea’s proposal to pay adjusted gross revenue dues in a staggered manner.
The Sensex ended 202 points or 0.5 per cent lower to close 41,056 and the NSE Nifty 50 index tumbled 68 points or 0.6 per cent to settle at 12,046.
The Supreme Court on Monday refused to accept telecom firm Vodafone Idea’s proposal to pay Rs 2,500 crore by today and Rs 1,000 crore by Friday against adjusted gross revenue (AGR) dues and that no coercive action be taken against it.
Sixteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Oil & Gas index’s nearly 2.5 per cent decline. S&P BSE Utilities, Power, Realty, Capital Goods, Industrials, Healthcare and Energy sector gauges also declined 1-2 per cent each.
On the other hand, S&P BSE Consumer Durables index was top gainer, up 1.5 per cent.
Mid- and small-cap shares also witnessed selling pressure as the S&P BSE MidCap and S&P BSE SmallCap indexes declined around 1 per cent each.
Yes Bank was top lose in the Nifty 50 basket of shares, the stock fell 4.2 per cent to close at Rs 37.25. Coal India, ONGC, Bharat Petroleum, Indian Oil, Cipla, Bajaj Auto, NTPC, HDFC, Sun Pharma, Hindalco, Bajaj Finserv and ITC also fell between 1.6-2.9 per cent each.
On the flipside, Titan, GAIL India, Nestle India, Tata Consultancy Services, Tata Steel, Kotak Mahindra Bank, Zee Entertainment, Vedanta and UPL were among the gainers.