Sensex Plunges Over 650 Points Amid Selloff In Banking Stocks

Sensex Plunges Over 650 Points Amid Selloff In Banking Stocks

Market breadth was mildly positive, as1,337 stocks on the BSE rose whereas 1,212 fell

Domestic stock markets tumbled on Monday amid a selloff in banking and financial services shares, amid a mixed trend in Asian equities. The Sensex index fell as much as 1.83 per cent - or 688.88 points - to 36,918.01 in afternoon deals. The broader NSE Nifty 50 benchmark dropped as much as 1.68 per cent - or 185.6 points - to 10,887.85. At 2:10 pm, the Sensex traded 654.03 points - or 1.74 per cent - lower at 36,952.86, while the Nifty was down 174.35 points - or 1.57 per cent - at 10,899.10. However, gains in select pharmaceutical and metal shares limited the fall. 

In the 50-scrip Nifty basket, 40 stocks traded lower at the time. UPL, IndusInd Bank, HDFC Life Insurance Company, Axis Bank and Kotak Mahindra Bank, trading between 3.04 per cent and 5.44 per cent, were the worst hit.

On the other hand, Tata Motors, Titan, Bharat Petroleum, Tata Steel and Dr Reddy's, trading between 0.81 per cent and 6.50 per cent higher, were the top Nifty gainers.

Market breadth was mildly positive, as 1,337 stocks on the BSE rose whereas 1,212 fell. On the NSE, 950 stocks advanced while 839 declined. 

The Maruti Suzuki India stock price fell as much as 2.08 per cent to Rs 6,130 apiece on the BSE, after the country's largest carmaker by market share reported total sales of 1,00,000 vehicles in the domestic market last month.

Meanwhile, India reported 52,972 new COVID-19 infections in the past 24 hours, taking the total to 1.8 million, data from the Ministry of Health and Family Welfare showed on Monday.

Shares elsewhere in Asia turned mixed as US lawmakers struggled to hammer out a new stimulus plan amid a global surge of new coronavirus cases, though a squeeze on crowded short positions gave the dollar a rare bounce.

MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.37 per cent lower while Japan's Nikkei 225 benchmark was up 2.24 per cent.

China's Shanghai Composite index was up 1.75 per cent, after a survey showed China's factory activity expanded at the fastest pace in nearly a decade in July.

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Hong Kong's Hang Seng barometer was down 0.56 per cent while South Korea's KOSPI gauge was up 0.07 per cent.

The E-Mini S&P 500 futures traded 0.19 per cent lower, indicating a negative start for US markets on Monday.