The BSE Sensex and NSE Nifty 50 indexes witnessed sharp declines in trade today paced by losses in banking and financial services shares.
Indian equity markets mirrored losses in global markets as world stocks fell to a two-week low and risk assets dipped lower on Wednesday after US lawmakers called for an impeachment inquiry into President Donald Trump, increasing the projection of prolonged political uncertainty.
The Sensex plunged to 503.62 points or 1.29 per cent lower at 38,593.52 and the NSE Nifty 50 index dropped 148 points or 1.28 per cent to close at 11,440.20.
Banking and financial services shares were among the worst hit in today’s session with the country’s largest lender, State Bank of India falling 7.7 per cent to Rs. 279.30, its biggest single-day fall since August 24, 2015.
All sector gauges barring the IT index ended lower led by the Nifty PSU Bank index’s 5.6 per cent fall. Nifty Realty, Nifty Auto, Nifty Financial Services, Nifty Private Bank and Nifty Metal indexes also dropped between 1.3-4 per cent each.
Mid-cap and small-cap shares also witnessed selling pressure as the Nifty Midcap 100 and Nifty Smallcap 100 indexes fell nearly 2 per cent each. Tata Motors, Yes Bank, Eicher Motors, Maruti Suzuki, ITC, Mahindra & Mahindra and Hindalco were also among the losers.
On the flipside, top gainers were Power Grid, TCS, NTPC, Indian Oil, HCL Tech and Adani Ports.
(With input from agencies)