Closing Bell: Monday blues on D-Street! Sensex tanks 500 pts, Nifty ends below 11,400; banks, pharma fall.
Selloff in Asian markets, a weaker rupee, a possible dissatisfaction of investors to rupee’s measures by the government pulled the indices lower. Trade war concerns based on reports that China may face import tariffs on USD 200 billion worth of goods dented sentiment on the D-Street.
There was all-round selling among all sectors, with maximum pain visible among pharmaceuticals, banks, automobile and metal names. IT stocks were the biggest gainers as investors cashed in on depreciating rupee.
At the close of market hours, the Sensex was down 505.13 points or 1.33% at 37585.51, while the Nifty was lower by 137.40 points or 1.19% at 11377.80. The market breadth is negative as 1,272 shares advanced, against a decline of 1,448 shares, while 178 shares were unchanged.
TCS, Adani Ports, BPCL and HPCL were the top gainers, while Sun Pharma, Tata Motors, and Bajaj Finance have lost the most.
HEADLINES OF THE DAY
Prashant Kumar takes charge as CFO of SBI.
HDFC Bank hikes base rate by 20 bps to 9.15%, IndusInd Bank hikes MCLR by 5 bps.
Shares of Dynemic Products surged 20 percent after company received an environment clearance for its project in Bharuch.
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