Sensex dips 218 points, Nifty ends below 11,000; Tata Steel, Tata Motors top losers
The Sensex ended at 36,323, down 217.86 points, while the broader Nifty50 settled at 10,936, down 82.05 points. In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 2.5 per cent each, underperforming the benchmark indices.
The Sensex and Nifty ended lower on Monday, as a dip in oil prices hurt energy stocks such as Reliance Industries, while ICICI Bank fell on reports that the bank has hired a law firm to look into allegations of irregularities in some loan accounts.
The Sensex ended at 36,323, down 217.86 points, while the broader Nifty50 settled at 10,936, down 82.05 points. In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 2.5 per cent each, underperforming the benchmark indices.
Market breadth, indicating the overall health of the market, turned sharply negative negative. On the BSE, 2,052 stocks declined, 546 stocks rallied, while 179 stocks remained unchanged.
Reliance Industries closed 2.2 per cent lower, while ICICI Bank fell 3.2 per cent.
"Nifty started the week on feeble note and lost over half a per cent. Initially, it opened flat but weak macroeconomic data viz. widening trade deficit and news of WPI inflation touching 4-year high dampened the sentiment. Weak global cues deteriorated the conditions further and triggered selling across the board. Mostly sectoral indices traded under pressure wherein pharma, metal and realty lost maximum. Besides, sharp plunge was witnessed on broader front and both the broader market indices ended with deep cut," said Jayant Manglik, President, Religare Broking.
"Continuous decline on broader front has pushed the stocks in extreme oversold zone so we may see some pause or rebound prior to further slide. However, we advise to avoid catching falling knives and wait for clarity. Investors, on the other hand, should see this correction as opportunity and gradually start adding fundamentally sound stocks with long term view as they're now available at good bargain," he added.
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The top gainers on the Sensex were Infosys, NTPC, Hindustan Unilever, HDFC and Yes Bank, whereas Tata Steel, Tata Motors (DVR), Sun Pharma, Tata Motors and ICICI Bank were the top losers.
On the Nifty, Tech Mahindra, NTPC and Infosys were the highest gainers, while Dr Reddy's Lab, Tata Steel and Lupin lost the most.
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