An employee looks at a computer monitor at a brokerage firm in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex, Nifty Post Worst 5-Day Decline In Over Seven Months

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Closing Bell: Sensex Drops Over 500 Points, Nifty Settles Below 11,000

Indian equity benchmarks fell for fifth day in a row dragged by financials and automakers.

The S&P BSE Sensex plunged 1.5 percent or 536 points to 36,305 and the NSE Nifty 50 Index slumped 1.6 percent or 176 points to 10,967.

In the last five trading sessions, Sensex and Nifty have tanked over 4.5 percent dragged by financials as there are rising concerns over liquidity after IL&FS defaulted on interest payment of bonds… people are afraid to give money to NBFCs, AK Prabhakar, head of research at IDBI Capital Market, told BloombergQuint over phone.

In today’s trade, sixteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty Index's 5.1 percent drop. It was followed by Auto and Finance Indexes which fell 3.5 percent. On the other hand, the S&P BSE IT Index was top gainer, up 2 percent.

The mid- and small-cap shares also witnessed selling pressure as the S&P BSE MidCap Index tumbled 2.4 percent and the S&P BSE SmallCap Index plunged 2.7 percent.

Accumulate M&M At Current Levels: Complete Circle Consultants

Mahindra & Mahindra is among cheapest stocks in the auto space and is a good buy at current price, Gurmeet Chadha of Complete Circle Consultants told BloombergQuint in an interview.

Bajaj Finance Can Test 200-DMA Placed At Rs 2,080: Sumeet Bagadia

Bajaj Finance has fallen in one way and it can fall further and test 200-DMA at Rs 2,080, Sumeet Bagadia, associate director at Choice Broking told BloombergQuint. Till the time it does not break Rs 2,380, it is better to stay on the sell side, he added.

Increasing Stake In Certain NBFCs: Sanjeev Bhasin

The current fall in non-banking finance companies (NBFCs) is a good opportunity to buy on the back of rising demand for credit in longer term. We have increased stake in Bajaj Finance, HDFC, L&T Financial Services, Yes Bank and Equitas Holdings, Sanjeev Bhasin of IIFL told BloombergQuint in an interview.

Government Said To Plan Raising Rs 20,000 Crore By Merging Power Firms

Government is planning to sell its stake in SJVN to NTPC and in Power Finance Corp. to Rural Electrification Corp., people familiar with the matter told Bloomberg.

The government expects to raise Rs 8,000 crore from stake sale in SJVN and about Rs 12,000 crore from sale of shares in Power Finance, the people said asking not to be named as the information is not public.

Any deal would be dependent on approval from the cabinet committee of ministers.