Markets fall for 9th straight session, suffers worst losing streak in 8 years

Markets fall for 9th straight session, suffers worst losing streak in 8 years

Mumbai, May 13: A last hour sell-off prompted the benchmark indices to end lower for the ninth consecutive session that also marked the markets’ longest losing streak in over eight years.
The S&P BSE Sensex tumbled 372 points, or 0.99 per cent lower, to end the day at 37,091, with Sun Pharma, YES Bank, Tata Steel, IndusInd Bank, and Tata Motors being the biggest losers. Only six of the 30 BSE constituents ended the day in green.
The NSE Nifty 50 fared worse, plummeting 131 points, or 1.16 per cent, to give up 11,200 and settle at 11,148 levels. About 1,429 stocks declined and 352 shares advanced on the NSE.
The broader markets were worse-off, with the S&P BSE MidCap index sliding 1.84 per cent, or 265 points, to close at 14,125, while the S&P BSE SmallCap index fared the worst, down 304 points, or 2.15 per cent at 13,802 levels.
Except the Nifty IT index, all the sectoral indices ended in the red, with Nifty PSU Bank index (down 5 per cent), Nifty Pharma index (down 4.37 per cent), and Nifty Media (down 3.78 per cent), taking the deepest cuts.
BUZZING STOCKS
Shares of State Bank of India (SBI) were trading 2 per cent higher at Rs 314 during the early morning trade on Monday, after the bank reported healthy March quarter numbers for 2018-19 before ending the day 0.42 per cent lower at Rs 306.75.
Eicher Motors slipped 7.69 per cent to Rs 18,766.35 apiece on the BSE on Monday, after the company reported weak operational performance during the March quarter of 2018-19 (Q4FY19). The EBITDA (earnings before interest, tax, depreciation and amortization) margin contracted to 27.4 per cent, down 164 basis points on sequential basis and 415 bps on yearly basis.
Shares of Delta Corp, which is engaged in casino gaming business, plunged almost 13 per cent at Rs 186.40 on Monday on the back of heavy volumes. Earlier in the day. the stock hit its lowest level of Rs 182 since September 25, 2017.