Sensex tanks over 500 points, Nifty falls below 11,450; banking sector worst hit
New Delhi | Jagran Business Desk: Indian share market today witnessed a heavy fall with Sensex falling down by 516 points while the broader Nifty 50 index plunges over 148 points.
The S&P BSE Sensex hits intraday low of 38,580.31 and the NSE Nifty 50 index drop below important psychological level of 11,450. The fall in the Indian share market is seen as the outcome of the weakness in other Asian markets after US lawmakers called for an impeachment inquiry into US President Donald Trump.
The impeachment inquiry was seen as to increase the prolonged political uncertainty in the world’s largest economy.
The top losers today in the BSE Sensex are HDFC, HDFC Bank, Kotak Mahindra Bank, State Bank of India, Axis Bank, ICICI Bank and Maruti Suzuki, while the top gainers in India were Tata Steel, Wipro, IndusInd Bank, Power Grid and Bharti Airtel.
Earlier in the day, welcoming the government's initiative to revive demand in the automobile industry, Maruti Suzuki India announced to proactively and voluntarily share the benefits of corporate tax reduction with its customers.
The country's largest carmaker has decided to reduce the price of select models by Rs 5,000 on ex-showroom price.
Last week, the Sensex closed Friday's session with an unprecedented 5.32 percent advance as Finance Minister Nirmala Sitharaman made yet another big announcement to boost the economy.
Logging its biggest intra-day spike in over a decade, the 30-share index soared 2,284.55 points to a peak of 38,378.02, before settling 1,921.15 points or 5.32 percent higher at 38,014.62, while the broader Nifty jumped to 11,275.45 after gaining 570.65 points or 5.33 percent
The biggest beneficiaries among the 30 Sensex stocks were HeroMoto Corp, Maruti Suzuki, IndusInd Bank, Bajaj Finance, State Bank of India and Bajaj Finance, which gained in the range of 9 to 12 percent. On the other hand, PowerGrid, Infosys, TCS, NTPC, and Tech Mahindra ended in the red, losing up to 2.39 percent.
Posted By: Talib Khan