Markets ended sharply lower on Monday and for the second consecutive session amid a global sell-off in equity markets emanating from the Turkish lira crash which had a contagion impact on benchmark indexes.
The BSE Sensex ended lower by nearly 225 points or by 0.6 percent to 37,665, while the NSE Nifty 50 ended lower by 74 points, or 0.65 percent to 11,356, closing below 11,400 mark. Bank Nifty ended lower by 1.17 percent, while midcaps slipped by 0.65 percent.
Bank and metal stocks in particular weighed on benchmark indexes with the Nifty Bank ending sharply lower by 1.17 percent. Only three Nifty Bank stocks ended in the green, with the IndusInd Bank emerging as the top gainer on sectoral index. PSU Bank extended losses by 3.22 percent. Nifty Media was also down by nearly 3 percent.
Shares of Vedanta, SBI, Yes Bank, Axis Bank, ONGC, BPCL, HPCL, Idea Cellular fell on indexes. Infosys, Sun Pharma, Wipro, M&M, Coal India, Gail, Tech Mahindra, HCL Tech, surged on indexes.
Asian markets ended sharply lower. Japan's Nikkei plunged nearly 2 percent, while Hong Kong's Hang Seng dipped by 1.52 percent.
(Market update as of 3.40 pm)
Markets pare losses in early afternoon
The Indian market recovered around the noon but continued to trade weak amid a global equity rout prompted by a crash in Turkish lira, putting pressure on emerging markets currencies, including the Indian rupee.
The BSE Sensex was trading lower at 37,639.70, while the NSE Nifty 50 was weaker by 64 points to 11,364.95.
The 30-share BSE Sensex has ranged between a high of 37,693.19 and a low of 37,559.26 after opening at 37,693.19. The Nifty has ranged between a high and a low of 11,377.55 and 11,340.30 respectively.
Barring IT, pharma and FMCG, sustained selling was seen in all other counters, particularly banks and financial services stocks along with metal shares.
Nifty Bank and PSU Bank traded lower by 1.24 percent and 2.28 percent respectively, while the PVT Bank too has declined by over a percent.
Nifty MidCap and BSE MidCap were still lower by 0.39 and 0.34 percent respectively.
Coal India topped the Sensex charts with 1.67 percent gain, followed by Sun Pharma, Bharti Airtel, M&M, Tata Steel and Bajaj Auto, while Vedanta fell by 3.42 percent on the 30-share BSE index.
Other laggards included SBI, which lost 2.69 percent, Yes Bank fell by 1.79 percent, HDFC twins by up to 1.74 percent and Reliance traded lower by 1.16 percent.
On the NSE, Gail leads the pack rising by nearly 4 percent, followed by Tech Mahindra, Grasim, Coal India, Sun Pharma, while Vedanta has lost by 3.35 percent. SBI, Indiabulls Housing Finance, HPCL, BPCL fell by up to 2.83 percent.
Meanwhile, the Indian rupee was trading at 69.46 against the US dollar at 12.05 pm after opening at 69.47 dampening overall sentiments. The 2028 government bond yield opened at 7.80 percent vs Friday's close of 7.75 percent.
Indian equity benchmarks outperformed Asian markets, which are sharply lower over jitters from the Turkish lira crash and amid escalating trade war sentiments.
Japan's Nikkei was down by 1.86 percent and Hong Kong's Hang Seng was lower by 1.66 percent.
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First Published: Aug 13, 2018 12:41 PM IST
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