New Delhi: Equity benchmark indices suffered bruising losses on Tuesday in all-round selling led by bank, financial, metal and auto stocks after the government last week reported 5 per cent GDP growth during the first fiscal quarter of April to June.
The BSE S&P Sensex closed 770 points lower or 2 per cent at 36, 563 while the Nifty 50 edged lowed by 225 points to 10,797.
At the National Stock Exchange, all sectors indices were in the red. Nifty PSU bank dropped by 4.87 percent to 2,353.80 after Finance Minister Nirmala Sitharaman unveiled a mega-plan last week to merge 10 public sector banks for creating four stronger lenders with countrywide networks and global reach.
Except for the export-oriented IT stocks, all other Nifty sectoral index traded lower. At 9.32 a.m., the Sensex was down 402 points at 36,930.66. The benchmark Sensex opened at 37,181.76 from its previous close of 37,332.79.
The broader Nifty was down 108.05 points or 0.98 per cent lower at 10,915.20. India’s GDP growth rate fell to a six-year low of 5 per cent for the April-June quarter.
Meanwhile, a Reuters poll has estimated growth of 5.7 per cent in the Indian economy on Friday.
One of the top losers today was the bank and the auto sector. The stocks of ICICI Bank, Vedanta, HDFC, Induslnd Bank plummeted and the auto sector too suffered a major setback- Tata Motors, Tata Steel, ONGC. In addition, NTPC, M&M and L&’s stock also fell by 4 per cent.
Stocks of Punjab National Bank (PNB) plunged by 8.55 percent to close at Rs 59.40 per share. Oriental Bank of Commerce edged lower by 9.6 percent to Rs 66.40 while Canara Bank traded 10.6 percent lower to trade at Rs 197.20 share.
With inputs from agencies