Share Market Update: Sensex ends 893 points lower, Nifty at 10,979; YES Bank tanks 56% on RBI action

Share Market Update: Benchmark indices Sensex and Nifty closed majorly on Friday, trading inline with global equities as fear of coronavirus spread gripped investors. After a volatile tradins session on Friday, Sensex sank 893 points to end at 37,576, while Nifty plunged 289 points to close at 10,979. On Thursday, Sensex closed 61 points higher at 38,470 and Nifty50 ended 18 points higher at 11,269. RBI took over the management of private sector lender YES Bank which also weakened sentiment in domestic market. Top Sensex losers were IndusInd Bank (11.09%), SBI (6.82%) and Tata Steel (5.83%). All Sensex stocks were trading in the red. On Nifty, YES Bank, Tata Motors and IndusInd Bank were top losers. All Nifty stocks were trading in the red.

Here's a look at the live updates of the market action on BSE and NSE today:

3: 45 pm: Sensex and Nifty closed majorly on Friday, trading inline with global equites as fear of coronavirus spread gripped investors. After a volatile tradins session on Friday, Sensex sank 893 points to end at 37,576, while Nifty plunged 289 points to close at 10,979.

2: 30 pm: Speaking on Gold's trend, Sugandha Sachdeva VP-Metals, Energy & Currency Research said," The precious metal has formed strong support in the vicinity of Rs 39,900 per 10gms and since then the uphill voyage has been pretty quick. A move past the crucial hurdle of Rs 43,800 per gms mark would lead to another leg up towards higher levels of Rs 44,500-44,700 per 10gms from a medium term perspective.

1: 50 pm: Where Sensex has declined 6.9% in a month, 4.9% in three months. On a similar note, Nifty has erased 7.2% in a month's period and 5.5% in the last three months.

1: 30 pm: In the menwhile, Oil prices dipped lower on demand concerns even after reports that OPEC provisionally agreed to cut production by 1.5 millions barrels per day, Geojit Financial Services reported. Global oil benchmark Brent crude futures cracked 1.04% to USD 49.47 per barrel.

1: 15 pm: Post the 3% fall of market indices Sensex and Nifty, the local currency rupee plunged 65 paise to 74 today.

1: 00 pm: YES Bank share price pares losses, still trading 58% lower at Rs 15.50.

12: 55 pm: Sensex pares losses, still trading 921 points lower at 37,548, Nifty down 279 points at 10,989.

12:00 pm: Rupee weakens past 74 mark , the weakest since October 2018. The domestic currency opened at 73.90 and hit a low of 74.09 a dollar-a level last seen on 30 October 2018.

12:05 pm: Asian markets in red

Asian shares slipped Friday as fears about the virus outbreak once again dominated financial markets. Japan's benchmark Nikkei dived 3.1% to 20,663.32. Australia's S&P/ASX 200 lost 2.1% to 6,259.20. South Korea's Kospi dropped 2.3% to 2,037.08. Hong Kong's Hang Seng declined 2.1% to 26,213.51, while the Shanghai Composite slumped 0.9% to 3,049.95. Shares also dropped in Taiwan and Southeast Asia.

12:00 pm: All stocks on the BSE bankex were trading in the red.  YES Bank was the top loser falling 60% to Rs 14.85.

11: 45 am : Expert quote

Santosh Meena, Senior Analyst at Tradingbells said, "YES Bank fiasco comes as an out of syllabus question for the market amid ongoing worries of coronavirus. The market took YES Bank event very negatively because it raises a question on the stability of the overall Indian financial system. The market is facing a double whammy situation where global markets are struggling on the back of coronavirus worries and YES Bank fiasco is a setback event on the domestic level. There is a need for some clarity on both domestic and global front for the market to witness any pullback otherwise the pain will continue.

As a depositor in YES bank, one should not panic as the depositor's money is safe but as a shareholder, there is no value left for them and it is better to exit whatever price they get where no one should try to buy this stock as a fresh investment."

11: 30 am : YES Bank stock tanks 85% to hit a low Rs 5.55 on BSE today, with 2 crore sellers offering the stock.

10: 45 AM: YES Bank stock tanks 50% to Rs 18.45 compared to the previous close of Rs 36.85 on BSE.

10: 40 am: Sensex trading 1,200 points lower at 37,263, Nifty falls 368 points to 10,900. 

10:37 am: All Nifty stocks are trading in the red. 

10:30 am: SBI share price loses 6.61% to Rs 269.25 on BSE. SBI has been asked to form a consortium and invest in YES Bank.

10: 15 am : Rupee slides 65 paise to 73.99 per dollar amid weak global growth concerns.

10: 05 am: Bank Nifty lost 4.18% to 27,565  compared to the previous close of Rs 28,815.

YES Bank Crisis Live Updates: Cash-strapped lender to be revived in few days, say top RBI sources

10: 00 am : Market breadth was negative with 204 stocks trading higher compared to 1530 falling on BSE.

9:58 am : Banking stocks led the losses with BSE bankex falling 1,200 points to 31,962.

9: 57 am: On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 2,476 crore on Thursday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,510 crore, provisional data available with BSE showed.

9: 56 am : Mid cap and small cap indices were trading 443 points and 360 points lower in early trade.

Also read: YES Bank share price loses 30% after RBI takes over private lender

9:55 am: YES Bank stock tanks 30% to Rs 25.80 against previous close of Rs 36.85 on BSE.

9: 50 am: On Thursday, Sensex closed 61 points higher at 38,470 and Nifty50 ended 18 points higher at 11,269.

9:45 am: Amid rising number of coronavirus cases in US, Dow Jones Industrial Average fell 969.58 points, or 3.58%, to 26,121.28. S&P 500 lost 106.18 points, or 3.39%, to 3,023.94 and the Nasdaq Composite dropped 279.49 points, or 3.1%, to 8,738.60. The benchmark S&P 500 ended down more than 10% from its February 19 closing high, after last week logging its biggest weekly percentage decline since October 2008.

9: 25 am: Nifty was trading below 11,000 , down 3% to 10,951.

9: 20 am: Top Sensex losers were IndusInd Bank (11.09%), SBI (6.82%) and Tata Steel (5.83%).

9: 15 am: Sensex tanks 1, 450 points to 37,040 levels with all components in the red.