Sensex, Nifty End Over 2% Lower; Nifty Bank Falls 750 Points
Closing Bell: Negative Start To Expiry Week
Indian equity markets ended the first day of the September series expiry week, ending with steep cuts, in-line with the sour global sentiment.
The S&P BSE Sensex 2.1% lower at 38,034 while the NSE Nifty 50 index fell 2.2% to end at 11,250. Only 3 out of the 50 index constituents ended the day with gains.
All sectoral indices ended with losses, including the Nifty I.T. index which traded with gains for most parts of the session. The index snapped a seven-day gaining streak.
The Nifty Bank ended over 700 points lower, declining 3.5%. Barring Kotak Mahindra Bank, all constituents of the index, ended with losses.
The Nifty Realty index was the top laggard in today's session, ending 6% lower, followed by the Nifty Metal index, which declined 5.5%.
Indices like Nifty Pharma, Nifty PSU Bank, Nifty Media and Nifty Auto fell over 4% each. The FMCG index too declined 3.3%.
Investors took profits off the table from the broader markets as well. The midcap index ended 4.1% lower while the smallcap index fell 4.2%.
India Volatility Index rose 13% to end at 22.65.
Market breadth turned adverse with 1,597 stocks on the NSE ending with gains while only 293 managed to end with gains.
How Did The Sectoral Indices Fare
Metal Index Falls Over 5%
Developers Face Labour Woes
Stock Reaction: Canara Bank
The state-run lender has informed the exchanges that it will consider raising funds through a Qualified Institutional Placement (QIP) at its board meeting.
The board meeting will take place on September 25, the bank said in its exchange filing.
The board had earlier shared its capital raising plans for FY21, in July.
Shares fell as much as 3.1% to Rs 95.6 and are down for the fourth straight day. The stock trades at the lowest level in nearly four months.