Stock market update: Sensex drops 300 points, Nifty settles at 10,656

In today’s stock market update, tracking a fall in the global markets, the benchmark indices settled around 1 percent lower .

While the broader Nifty50 index settled at 10,656, down 107 points or 1 percent, while the S&P BSE Sensex ended at 35,475, down 300 points or 0.8 percent

In the Nifty Metal index, the top loser of the day, ended 2.8 percent lower weighed by Jindal Steel & Power and Hindalco Industries. Where as the Nifty IT index slipped 2.2 percent due to fall in Wipro and Infosys.

In other key stocks, the private sector lender YES Bank fell 6 percent to settle at Rs 192.50 on the National Stock Exchange (NSE) following its independent director Rentala Chandrashekhar’s resignation. The bank said in a statement, “Rentala Chandrashekhar, non-executive, independent director has tendered his resignation from the bank’s board, on November 19, 2018, with immediate effect.”

Shares of Adani Gas surged by 4.8 percent to end the day at Rs 81.40 per share on the BSE.

Meanwhile, the rupee traded on a firm note on Tuesday, rising to a two-month high of 71.28 against US dollar in intra-day trade, up from its previous close of 71.65 against the greenback.

On the global front, pressured by sharp losses on Wall Street as technology firms tumbled on worries about slackening demand. On Tuesday, Asian stock markets skidded and Europe was expected to follow.

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