Stock Market: Sensex down over 100 points, Bandhan Bank shares down 20%

The Bombay Stock Exchange (BSE) on October 1 slipped 144 points to an intra-day low of 36083. While, Sensex and Nifty — the benchmark indices of the stock markets on Monday, fell into the negative territory in the opening trade. The NSE Nifty also traded below 10,900 mark and reportedly slipped 74 points to hit an intra-day low of 10,855.60 points.

Kotak Mahindra Bank shares fell 12 percent on October 1 to an intra-day low of Rs 1,002.30 when the trade began. The Bank alone wiped out more than 100 points from the BSE Sensex index. Apart from Mahindra Bank, Bandhan Bank shares also sank over 290 points to trade at Rs 451.20 per share on the BSE. Others top loser on the Sensex includes IndusInd Bank, Reliance LT, Tata Steel and Axis Bank.

Before the Stock Market closed on Friday, the BSE Sensex and NSE Nifty extended their losses during mid-afternoon trade deals, with Yes Bank shares fell suddenly more than 18% to hit a fresh intra-day low of Rs 166.15. The Sensex ended 97 points lower, while the NSE Nifty closed at 10,930 points.

According to Reuters, “Asian shares were seen soft, trading was slow with Chinese markets on holiday.” The Canadian dollar and the Mexican peso rose and Japanese shares hit 27-year highs on Monday after the United States and Canada reached a framework deal to update the North American Free Trade Agreement.”

International Oil prices also gained with International benchmark Brent hitting a four years high, as United States sanctions on Tehran squeezed Indian crude exports, tightening supply even as other key exporters increased production. Brent crude futures rose 0.6 percent to as high as $83.25 per barrel, the strongest level since November 2014, Reuters reported.

Domestic stock market on Friday closed lower for the third consecutive straight session, as caution prevailed ahead of a bi-monthly policy meeting of the RBI, which is expected to take place next week. The Nifty fell 6.42 percent in September while BSE index lost 6.26 percent, it was the worst monthly performance since February 2016.

Also read: Stock Market: Nifty falls at its lowest monthly level since February 2016