Yes Bank tumbled 10.5% after Moody's downgraded its long term foreign currency issuer rating.The S-P BSE Sensex and NSE Nifty 50 indexes fell for second straight session on the back of a broad-based selloff.
In the first half of the session, benchmarks traded in a choppy manner and extended declines in noon deals after selling in banking and financial services shares intensified.
The Sensex fell as much as 615 points from day's highest level and the Nifty 50 index briefly dropped below important level of 11,900.The Sensex ended 334 points or 0.8 per cent lower at 40,445 and the Nifty 50 index declined 97 points or 0.8 per cent to close at 11,922.All the 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank index's over 4 per cent fall.Nifty Media, Nifty Pharma, Nifty Auto, Nifty Financial Services and nifty Bank indexes also fell between 1 and 3.4 per cent each.Mid- and small-cap shares also witnessed selling pressure as the Nifty Midcap 100 index dropped 1.5 per cent and Nifty Smallcap 100 index declined 1 per cent.Yes Bank top loser in the Nifty 50 basket of shares, the stock fell 10.5 per cent after ratings agency Moody's downgraded its long term foreign currency issuer rating to "BA2" and assigned negative outlook.State Bank of India, Zee Entertainment, IndusInd Bank, GAIL India, Tata Motors, HDFC, Mahindra - Mahindra and Coal India were also among the losers, down between 2.5-5 per cent each.On the flipside, Bharti Infratel, Kotak Mahindra Bank, JSW Steel, Dr.
Reddy's Labs, Reliance Industries and Asian Paints were among the notable gainers.The overall market breadth favoured losers as 1,647 shares closed lower while 877 ended higher on the BSE.