Gold prices drop, silver climbs

#dailynews60 : Benchmark indices Sensex and Nifty Tuesday ended marginally lower after a volatile session, dragged by private sector lender Yes bank which posted a loss of Rs 1,506 crore in the March quarter on higher bad loans provisioning.

The BSE Sensex closed with 0.09 per cent or 35.78 points loss at 39,031.55, while the NSE Nifty ended 0.06 per cent or 6.50 points lower at 11,748.15.

Yes Bank shares crashed nearly 30 per cent after the company reported a loss of Rs 1,506.64 crore for the fourth quarter ended March 2019, hit by higher provisioning for bad loans.

Other major Sensex laggards were IndusInd Bank, HeroMoto Corp, Maruti Suzuki, PowerGrid and Mahindra and Mahindra — plunging as much as 5.21 per cent.

Banking and auto shares mainly led the fall in the Sensex.

Shares of housing finance companies also came under heavy selling pressure with Indiabulls Housing Finance and PNB Housing finance diving as much as 6 per cent.

Asian markets were mostly lower on Tuesday, tracking weak Chinese manufacturing activity.

Investors also remained cautious ahead of the US central bank’s Federal Open Market Committee’s (FOMC) policy decision on Wednesday.