Share Market Update: Sensex Tanks 800 Pts In Worst Fall Since June, Nifty At 10,788
Domestic benchmark indices BSE Sensex and NSE Nifty on Tuesday witnessed a sharp decline tracking a heavy selling in selling in financial and automobile stocks.
In Sensex camp, ICICI Bank, HDFC, Tata Steel, ONGC, Tata Motors, Mahindra and Mahindra and Axis Bank were among the top losers with their stocks dipping down by as much as 3.28 per cent.
The decline in today's stocks came days after a government data showed that the country's economic growth fell to over six-year low of 5 per cent against an estimate of 5.7 per cent. Analysts also believe that a weakening economic growth along with escalating US-China trade frictions are hurting the market sentiment.
Sectorally, all indices except IT sector were trading on a bearish note, with highest fall registered in PSU banking declining over 4.89 per cent. Further metal stocks followed the trending by slipping over 3 per cent fall and over 2 per cent decline was registered in financials, banking, media and realty indices.
Punjab National Bank, United Bank of India and Indian Bank sank 8.5 per cent-11.7 per cent after the government announced a series of mergers involving 10 public sector banks.
Private-sector lender ICICI Bank Ltd fell 4.3 per cent, its sharpest drop since mid-May, while index heavyweight Reliance Industries Ltd dropped 3.4 per cent to a near four-week closing low.
According to a government data released on Monday, growth of eight core industries dropped to 2.1 per cent in July, mainly due to contraction in coal, crude oil and natural gas production.
The eight core sector industries - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- had expanded by 7.3 per cent in July last year.
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