Sensex, Nifty Fall Most In A Month; Nifty Bank Ends 700 Points Lower
Closing Bell: Markets Fall Most In A Month
Indian equity markets has their biggest single-day drop since early-June, tracking weakness in Asian peers and sustained selling among largecap financial names.
The S&P BSE Sensex ended 1.8% lower at 36,033 while the NSE Nifty 50 index managed to hold on to the 10,600 mark, ending 1.79% lower at 10,609. Only 3 out of the 50 Nifty constituents managed to end the trading day with gains.
Selloff in banking stocks continued. The Nifty Bank ended lower for the third straight day, ending 3% lower for its longest losing streak in two months. The index has declined close to 1,500 points over the last three trading sessions.
Metals and Auto stocks were the other sectoral laggards, ending lower by 2.5% each. I.T. and realty index fell over 1% respectively.
Pharma was the only outperformer, with the Nifty Pharma index ending 0.5% higher.
Broader markets declined in today's session. The Midcap index ended 1.1% lower while the smallcap index declined 1.5%.
The India Volatility Index ended higher for the third straight day, ending 5.7% higher at 26.7. This was the biggest single-day gain for the Volatility Index in two months.
Market breadth remaind in favour of the laggards through the session. 1,368 stocks on the NSE ended with losses while 481 reported gains.