Share Market: Sensex, Nifty drop; Yes Bank, SBI, ICICI Bank, Axis Bank end in red

Stock Market Today: On account of weak global cues due to the Coronavirus spreading around 78 countries and RBI's move on Yes Bank, the Indian indices fell to the tune of 2.5 per cent in the intraday trade. The BSE Sensex fell 893 points after closing at 37,576 levels after the Closing Bell while the 50-stocks Nifty tanked 279 points and closed at 10,989 levels. Bank Nifty index fell 1013 points and closed at 27,801 levels.

Speaking on the current market scenario Prakash Pandey, MD & CEO at Plutus Advisors said, "Coronavirus has already had its toll on the Indian indices and the recent RBI's crackdown on Yes Bank has done further damage. In fact, not just Yes Bank, it will have a negative impact on all Banking stocks and Bank Nifty will also witness heavy selloff in the coming trade session as Public Sector Banks are already under huge selloff pressure these days."

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Shares of Yes Bank, SBI, Reliance Industries, Tata Motors, HDFC Bank, ICICI Bank, IndusInd Bank, Tata Steel, Indiabulls and IRCTC were among the most trending stocks in the intraday trade while shares of Housing Development Finance, Bajaj Finance, RBL Bank and Yes Bank were among the most active stocks throughout the intraday trade session.

On account of RBI's crackdown on Yes Bak, entire banking stocks went through heavy selloff in the intraday trade. Yes Bank share price crashed over 55 per cent in the intraday trade session. Banking major State Bank of India or SBI share price nosedived near 6.5 per cent, RBL Bank shares tanked over 14 per cent, shares of IndusInd Bank slide 6.33 per cent, ICICI Bank stock price went off 3.69 per cent, Axis Bank stocks went southward 2.93 per cent while HDFC Bank shares dipped near 1.7 per cent.

Metal stocks received heavy beating in the intraday trade as the BSE Metal index went down to the tune of 4.40 per cent. Metal major Tata Steel share price crashed 6.36 per cent, Vedanta shares nosedived 4.91 per cent, shares of SAIL tanked 3.50 per cent, NALCO stocks went down 3.63 per cent, Jindal Steel & Power scrip went southward 5.22 per cent, Hindalco Industries and JSW Steel counters went off around 3.40 per cent while Hindustan Zinc shares slide 3.19 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 2.72 per cent, South Korean Kospi dipped 2.16 per cent, Hang Seng tanked 2.32 per cent while the Shanghai index went off 1.21 per cent.