Sensex Ends 158 Points Lower; Energy And Telecom Stocks Witness Selling

Share markets in India witnessed selling pressure during closing hours and ended their trading session on a negative note. Sectoral indices ended in the red with stocks in the telecom sector and energy sector witnessing most of the selling pressure.

At the closing bell, the BSE Sensex stood lower by 158 points (down 0.4%) and the NSE Nifty closed down by 48 points (down 0.4%). The BSE Mid Cap index ended the day up 0.5%, while the BSE Small Cap index ended the day up 0.2%.

The rupee was trading at 71.11 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.2% and the Shanghai Composite was down by 0.1%. The Nikkei 225 stood flat.

In the news from the banking spaceYes Bank share price was in focus today and witnessed buying interest after the lender received no observation on divergence in the bank's asset classification and provisioning in the Reserve Bank of India's (RBI) Risk Assessment Report for FY2018.

Shares of Yes bank recorded its sharpest intra-day rally since its listing on back of the above news.

The development comes as against the Rs 7.5 billion of gross NPAs reported by the lender as on March 31, 2016, the RBI assessment showed the tally at Rs 49.3 billion, leading to a divergence of Rs 41.8 billion.

Reportedly, the divergence increased to Rs 63.4 billion in FY17 which was the main reason former CEO Rana Kapoor's tenure was reduced last year by the central bank.

In the news from global financial markets, Japan's economy expanded in the fourth quarter as business and consumer spending recovered from natural disasters. However, global trade protectionism remained a concern for the country.

Japan's gross domestic product expanded a seasonally adjusted 0.3% on a quarterly basis in the fourth quarter of 2018. This was shy of expectations for a gain of 0.4% following the 0.6% contraction in the three months prior.

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