Nifty closed lower at 11,017, a decline of 0.33% from yesterday’s close. Although this decline is insignificant, there was a lot of stock and Index specific action that could be seen in today’s trade. Starting with Yes Bank (NS:YESB), the stock suffered from a decline of 7% to Rs. 71.25, which is its lowest level in 6 years. I discussed this aspect in my analysis Bad news at Yes Bank Continues as the Stock Nosedives by 7% Today earlier in the day.
Vodafone (LON:VOD) Idea Ltd (NS:VODA) stock declined by more than 3% after its CEO Balesh Sharma resigned from his position. Vodafone has been continuously losing market share to Reliance Jio, with it's market share declining from 38% in July 2018 to 33% in June this year. On the other hand, Bharti Airtel (NS:BRTI) has managed to sustain its market share.
Talking about indices, Nifty Auto index showed a nice jump of 1.17% in today’s trade on the possibility that the Indian government could revive the declining fortunes of the auto industry through stimulus packages. Maruti Suzuki India Ltd. (NS:MRTI), Tata Motors (NS:TAMO) and Mahindra & Mahindra Ltd. (NS:MAHM) stocks, all had a nice run-up in today’s trade. The auto industry has been suffering from a sharp fall in fortunes, and I covered this aspect a few days back in my analysis The Real Reasons behind the Decline of Maruti and Indian Auto Sector in General.
Nifty IT index also went up by 1.18% mainly because of the sharp depreciation in Rupee. I covered this aspect in today’s analysis Rupee boosting Nifty IT index today, but key risks that you should watch.