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Sensex, Nifty fall as Jet Airways stocks bleed

File photo. Photograph:( Reuters )

WION Web Team Mumbai, Maharashtra, India Apr 18, 2019, 03.52 PM (IST)

Sensex fell 135.36 points to finish at 39,140.28 on Thursday with the Nifty slipping 34.35 pts to close at 11,752.80 dragged down by banking and Jet Airways stocks.

Jet Airways' shares had nosedived 34 per cent in early trade to its lowest in 10 years after it halted all flight operations indefinitely on Wednesday night as lenders rejected its plea for emergency funds.

This was the stock's worst-ever intraday drop.

The Nifty PSU Bank index fell as much as 2.4 per cent to its lowest over three weeks, with SBI dropping 2.4 per cent.

Yes Bank Ltd, which is also a lender to Jet, fell by as much as 4.7 per cent in its sharpest intraday drop since February 18.

The benchmark indices had closed at record highs on Tuesday on earnings optimism and forecast of a near-normal monsoon. Markets were closed Wednesday for Mahavir Jayanti.

Top losers in the Sensex pack included Yes Bank, Vedanta, IndusInd Bank, Tata Steel, L&T, SBI, NTPC, Kotak Bank, HDFC, HDFC Bank, PowerGrid, Infosys and ITC, falling up to 4.18 per cent.
On the other hand, RIL was the biggest gainer on the index, rising 2.79 per cent ahead of its Q4 results.

Earlier in the morning, the benchmark index was 200 points up in early trade, extending gains ahead of RIL's earnings which is due on Thursday.

After hitting a lifetime intra-day high of 39,487.45 on Thursday morning, the 30-share index traded 136.38 points or 0.35 per cent higher at 39,412.02. The NSE Nifty too soared to another record high of 11,856 in early session.

Shares of RIL rallied over 2.30 per cent, adding more that 100 points to the gains on Sensex. The company is scheduled to release its Q4 results after the markets close.

Gainers in the Sensex on Thursday included include Tata Motors, Asian Paints, Hero MotoCorp, HDFC, ICICI Bank, Axis Bank, Maruti, TCS, HDFC Bank and HCL Tech, rising up to 2.04 per cent.

Story highlights

Jet Airways' shares had nosedived 34 per cent to its lowest in 10 years after it halted all flight operations indefinitely on Wednesday.