Sensex slips 769.88 points after heavy selloff in banking, energy and auto stocks
-The Telegraph/ PTI
Among top losers were ICICI Bank, Vedanta, HDFC, Tata Motors, Tata Steel, ONGC, IndusInd Bank, NTPC, M&M and L&T
The sensex nosedived 769.88 points to end at 36,562.91 and the Nifty tanked 225.35 points to 10,797.90 today after heavy selloff in banking, energy and auto stocks as a slew of macroeconomic data releases suggested a worsening economic slowdown.
Top losers in the sensex pack included ICICI Bank, Vedanta, HDFC, Tata Motors, Tata Steel, ONGC, IndusInd Bank, NTPC, M&M and L&T, falling up to 4 per cent.
On the other hand, IT stocks rallied as the rupee depreciated 85 paise against its previous close to trade at 72.27 in afternoon session.
TechM, HCL Tech, TCS and Infosys jumped up to 2 per cent.
Public sector bank stocks, led by Corporation Bank and Punjab National Bank, tumbled up to 9.3 per cent (intra-day) after the government, on Friday, announced the merger of 10 state-run lenders into four.
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The Telegraph, 3 September, 2019, https://www.telegraphindia.com/business/sensex-slips-769-88-points-after-heavy-selloff-in-banking-energy-and-auto-stocks/cid/1702335?ref=top-stories_home-template&