Indian stock markets retreated in the afternoon trades with Sensex plummeting nearly 350 points and Nifty slipping below 10,500 as shares of heavyweight companies such as ICICI Bank, HDFC, SBI and RIL cracked. The S&P BSE Sensex dived 340.14 points to hit a day’s low of 33,957.33 while NSE Nifty shed 111.45 points to hit day’s low of 10,434.05. A sharp decline in the shares of ICICI Bank, HDFC, Reliance Industries, State Bank of India, L&T, Maruti Suzuki, Tata Motors Tata Steel, Yes Bank, Axis Bank, and ITC steered the headline indices in negative territory. All the broader and sectoral indices hovered in the red barring Nifty IT index.
Other than Nifty 50 index, Nifty Next 50, Nifty 100, Nifty 20, Nifty 500, Nifty Midcap 50, Nifty Mid100 Free, and Nifty Sml100 Free lost up to 1.3%. Among the sectoral indices, Nifty PSU Bank, Nifty Metal, Nifty Media, Nifty Auto and Nifty Realty declined the most with Nifty PSU Bank crashing up to 2.8% while Nifty Bank, Nifty Pvt Bank, Nifty Pharma, Nifty FMCG traded with minimal losses.
As at 2:30 pm, all the components of Nifty PSU Bank index were trading down with the stocks of Punjab National Bank, Union Bank of India, Syndicate Bank touched their respective 52-week lows while Bank of India, IDBI Bank, Bank of Baroda along with Punjab National Bank lost 3-6% in today’s trade. Shares of State Bank of India got a heavy jolt in the late afternoon trades as the share price of SBI fell as much as 2.3% to Rs 272.3.
Among the top 100 stocks on National Stock Exchange, shares of Eicher Motors, Tech Mahindra, Indiabulls Housing Finance, ICICI Bank, Yes Bank, State Bank of India, Bharti Airtel, Vedanta, Maruti Suzuki, Tata Steel, Tata Motors, L&T, Adani Ports, RIL, UPL, BPCL, Bharti Infratel, Hindalco, IndusInd Bank, GAIL, Coal India, Power Grid, Axis Bank, HDFC, PNB, Bank of Baroda, Sun TV, SAIL, Motherson Sumi, Shriram Transport Finance, United Spirits, PEL, Havells, NMDC, DLF, Ashok leyland, PFC, ABB, REC, Shree Cement, BEL, Bajaj Finserv, Idea, LIC Housing Finance, Colgate-Palmolive, NHPC, ICICI Prudential, MRF, Titan, Glemnmark, GSK Healthcare and Siemens lost 1-6%.