Sensex recovers 900 points after slipping by 1100 in afternoon trade; Nifty reclaims 11,100

Key Indian equity indices slumped on Friday afternoon with BSE Sensex losing over 1,100 points following a sharp fall in housing finance stocks.

The indices soon rebounded as Sensex recovered around 900 points within few minutes of the downfall. (Image: PTI)

Key Indian equity indices slumped on Friday afternoon with BSE Sensex losing over 1,100 points following a sharp fall in housing finance stocks. However, the indices soon rebounded as Sensex recovered around 900 points within few minutes of the downfall. The 30-share index dropped by 1127.58 points or 3.03 per cent to an intra-day low of 35,993.64 points, against the previous close of 37,121.22 points. However, Sensex rose back by 900 points within minutes of the fall. According to news agency PTI, the broader NSE Nifty cracked below the 11,000 mark, falling 367.90 points, or 3.27 per cent, to touch a low of 10,866.45, before recovering over 300 points to trade near 11,169.90. The report further stated that heavy selling was witnessed in various sectors including realty, healthcare, banking, IT, auto, tech, power consumer durables, FMCG, capital goods, infrastructure, metal and PSU indices, which fell up to 3.65 per cent. Yes Bank was one of the biggest Sensex losers, cracking 34 per cent to hit a one-year low on the backdrop of Reserve Bank of India's decision to trim CEO Rana Kapoor's stint and asked the private lender to look for his replacement before January 2019. Various other banking stocks such as PNB, Federal Bank, Bank of Baroda, Kotak Bank and SBI dropped up to 7.44 per cent. Some major losers in industrial segment were Adani Ports, Tata Motors, Infosys, Sun Pharma, SBI, Maruti Suzuki and HUL, by falling up to 3.15 per cent. Housing finance stocks firms also witnessed a sharp downfall with DHFL leading the pack by tanking over 50 per cent, followed by Indiabulls Housing Finance, Can Fin Homes, PNB Housing Finance and LIC Housing Finance cracking up to 17 per cent, PTI reported further. Other losers in Sensex pack in the session were Sun Pharma, Infosys, Hindustan Unilever, Adani Ports, Maruti. However, Asian stocks extended gains on Friday as The Wall Street scored all-time highs. The spike was in the wake of investors' gravitated view that the latest exchange of tariffs between the United States and China may be less damaging than initially feared.