The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
The broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.
Infosys was the top gainer in the Sensex pack, closing 7.20 per cent higher as investors cheered its financial results. The IT major posted better-than-expected 5.3 per cent rise in its June quarter net profit, and raised revenue growth forecast for the current fiscal.
Hero MotoCorp was the top gainer in the Sensex pack, spurting 4.46 per cent. IndusInd Bank, Tata Motors, Vedanta, SBI, M&M, Sun Pharma, Tata Steel, HDFC and HDFC Bank too rose up to 3.63 per cent.
The broader NSE Nifty ended 57 points, or 0.49 per cent, lower at 11,498.90 in its fourth straight day of losses.
Selling took hold at the start of October futures and options series in the derivatives segment as investors were concerned over the surging crude oil prices and escalating trade tensions between the US and China
Sectorally, metal, auto and IT stocks were leading gainers amid sustained foreign fund inflow.
Top gainers in the Sensex pack included IndusInd Bank, ITC, L&T, M&M, PowerGrid, Asian Paints and SBI, ending up to 3.79 per cent higher.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
RIL was the biggest gainer in the Sensex pack, rising 2.63 per cent, followed by NTPC, Axis Bank, Tata Steel, PowerGrid, HDFC twins, Bharti Airtel, M&M, ICICI Bank, SBI and Bajaj Finance -- gaining up to 2.51 per cent.
Besides financials, shares of telecom, IT, auto and pharma were in demand.
Rana Kapoor, founder, managing director and chief executive officer of Yes Bank talks about his success mantras, lessons he has learnt in his career and gives tips to succeed to young entrepreneurs.
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.
The broader NSE Nifty plunged 119.15 points, or 1.01 per cent, to 11,709.10.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
HDFC and HDFC Bank were the biggest losers in the Sensex pack, plunging 5.09 per cent and 3.32 per cent, respectively, after the private bank reported a rise in non-performing assets.
In the Sensex pack, Tata Motors was the biggest loser, shedding 3.29 per cent, followed by ICICI Bank, IndusInd Bank, Infosys, HCL Tech, Axis Bank, TCS, HUL, Asian Paints, Sun Pharma, SBI, Tata Steel and NTPC, which dropped up to 3.23 per cent.
Other gainers include ONGC, Bajaj Auto, Kotak Bank, TCS, Tata Steel, Axis Bank, Maruti, HDFC and HUL, surging up to 3.03 per cent.
This is its lowest closing since April 5 when it had finished at 33,596.80.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
For any airline to be eligible for restructuring, the current ratio has to be equal to or higher than 0.4, while 'debt to Ebitda' has to be equal to or less than 5.5.
Top laggards in the Sensex pack included HDFC, ICICI Bank, TCS, HCL Tech, Kotak Bank, Asian Paints, TechM and HUL, dropping up to 2.67 per cent.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
While lending rates have been jacked up on an average of 5-10 bps by private sector lenders like HDFC Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank since January, almost all the PSBs have been increasing their bulk deposit rates in the range of 15 bps to 125 bps.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
Among the Sensex losers, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent.
The RBI working group's proposal to allow corporate houses to set up banks is a "bombshell" and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya. They also said that the proposal is "best left on the shelf".
Yes Bank Founder, Managing Director and CEO Rana Kapoor is confident that the potential is huge and risks close to none. The bank has around 8,000 relationships in this segment and claims to have mapped about 150,000 such relationships.
With an m-cap of Rs 31,744 crore, IRCTC stood at 96th position in the overall market capitalisation ranking, the BSE data shows.
Bucking the overall downtrend, shares of RIL rallied nearly 10 per cent, capping the Sensex loss to a large extent.
All BSE sectoral indices ended in the red, with oil and gas, bankex, capital goods and finance falling up to 3.04 per cent.
Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap up 0.5% and 0.6%.
The broader NSE Nifty also settled lower by 23.10 points, or 0.19 per cent, at 11,922.80.
Sectorally, bankex suffered the most by dropping 2.62 per cent, followed by finance 2.44 per cent and realty 1.63 per cent. On the other hand, telecom was among the top sectoral gainers, rising 4.60 per cent. IT index rose 2.62 per cent.
In the Sensex pack, Bharti Airtel was the top performer, surging 4.61%. Other gainers included ICICI Bank, IndusInd Bank, L&T, Sun Pharma, RIL, HDFC duo, Tata Motors and M&M -- climbing up to 3.69%.
The fall came on the back of a massive selloff in NBFCs, led by DHFL which skidded over 50 per cent on fears of a liquidity crisis.
Among the Sensex constituents, Larsen and Toubro emerged as the top performer with a gain of 2.76 per cent after the company announced winning large contracts from domestic clients.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
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