Monday Mayhem: Sensex falls 1600 points

Mumbai:  Sensex tanked over 1,600 points while Nifty fell below the 13,500 level. Both benchmark indices Sensex and Nifty traded near day’s low levels in the afternoon dragged by heavy selling in banking and metal stocks. Nifty PSU Bank declined the most over 3 percent followed by Nifty Metal, Nifty Private Bank and Nifty Auto down over 2 percent each. Broader indices, Nifty Midcap100 and Nifty Smallcap100 also reeled under pressure.

At 2:10 pm, Benchmark indices were trading near the day’s low with Nifty down 1.2% at 13,592 and Sensex down 1.1% at 46,463. Nifty Bank was down 2.1% at 30,064. While the Nifty Midcap index was down 2.5%, Nifty Smallcap index was down 2.2%. India Volatility Index was 8.9% to 20.27. Nifty Media and Nifty PSU Bank index were the top sectoral laggards; down 3.8% each. Nifty Metal was the other major sectoral laggard; down 3.1%.

At 2:20 pm, all Sensex constituents were trading in the red. Broader markets were mirroring the fall. Asian peers were trading with losses on Monday morning with Shanghai Composite down 0.26% while Hang Seng fell 0.67%.