Sensex Falls 250 Points; Sun Pharma & Maruti Suzuki Top Losers

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Share markets in India are presently trading on a negative note, tracking a massive sell-off overnight on the Wall Street amid concerns over the Covid-19 spreading beyond China.

The BSE Sensex slipped below the crucial 40,000-mark intraday, while the NSE Nifty fell below 11,700.

Besides weak cues from global markets, heavy foreign fund outflows too weighed on market sentiment.

All sectoral indices are trading on a negative note with stocks in the realty sector, auto sector and metal sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 253 points (down 0.6%), while the NSE Nifty is trading down by 79 points (down 0.7%).

The BSE Mid Cap index is trading down by 0.8% and the BSE Small Cap index is trading down by 0.2%.

The rupee is trading at Rs 71.73 against the US$.

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In news from the cement sector, India Cements share price is witnessing buying interest today.

Stock of the company surged 19% today after Radhakishan Damani's brother, Gopikishan Damani bought 2.75% stake in the company for a total amount of Rs 705 million via open market.

Yesterday, Gopikishan Damani had purchased 8.52 million shares in India Cements at an average price of Rs 82.70 apiece, NSE bulk deal data showed.

Shares of the company have rallied more than 37% in the past two trading days on back of the above news.

According to the shareholding pattern, Gopikishan's brother Radhakishan Damani already held a 4.73% stake in India Cements at the end of December 2019 quarter.

Moving on to news from the banking sector, shares of Bandhan Bank rose as much as 5% in intra-day trade today after the Reserve Bank of India (RBI) lifted restrictions placed on the bank from opening new branches.

In September 2018, the central bank had imposed a ban on the private lender from expanding its network as the lender had failed to reduce promoter stake to 40% from close to 82% within the stipulated three years from the time of commencing operations.

RBI had also ordered the bank to freeze the salary of its chief executive Chandra Shekhar Ghosh over its failure to meet shareholding rules.

Bandhan Bank's current promoter holding at 61% is still above the regulatory ceiling.

According to RBI's bank licence norms, a private sector bank's promoter needs to pare holding to 40% within three years, to 20% within 10 years, and to 15% within 15 years.

In a regulatory filing to exchanges, the Kolkata-based bank said RBI has removed the restriction "considering the efforts made by the bank to comply with the said licensing condition".

The easing of curbs has come within a month of RBI allowing Kotak Mahindra Bank's founder Uday Kotak to own a higher 26% stake than the earlier regulatory stipulated of 15%.

Bandhan Financial Holdings is the holding company and promoter of the Bandhan Bank. It's holding was diluted to 61% from 82% after the acquisition of Gruh Finance last year.

Bandhan Bank share price is presently trading down by 0.7%.

In other news, Yes Bank on Tuesday informed the stock exchanges that ratings agency CARE Ratings has placed bonds worth more than Rs 210 billion on credit watch with negative implications.

The ratings for tier two (Basel 3) and infrastructure bonds have been downgraded to CARE A- from CARE A.

Speaking of banking sector, note that 2019 was brutal for some banking stocks.

The market has severely punished them. This is due to issues such as worsening asset-quality, corporate governance, and inadequate capital.

Stocks such as Yes Bank and Lakshmi Vilas Bank are down more than 70%.

Falling Knives in the Banking Sector

Falling stock prices could be enticing. After all, we love deep discounts and good bargains.

But if you're thinking of buying these stocks it's important to remember this point - If a stock is in a falling spree, there's probably a good reason behind it.

And realising this in a falling market is the first step towards correcting one's investing process.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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