Market Closing:
Equity markets ended the first day of the September series expiry week, ending with steep cuts, in-line with the sour global sentiment.
Investors lost Rs 4.58 lakh crore in the mayhem.
Rising coronavirus cases in the Eurozone area and allegations of HSBC moved large sums of suspicious funds dampen the market sentiment.
Nifty nosedived 254 points (2.2%) to close one month low at 11250.
European stocks fell 2-3% the most since July after a report on bank allegations and signs that London is heading for a second lockdown on account of rising coronavirus cases in the UK and Germany.
HSBC Holdings Plc fell to the lowest since 1995 and European bank shares dropped following a story by the International Consortium of Investigative Journalists on lapses in suspicious activity reports.
The US Future slipped 2% on expectation of furthger lockdown European countries will impact the global economy.
All sectoral indices ended with losses, including the Nifty I.T. index which traded with gains for most parts of the session.
The Nifty Bank ended over 700 points lower, declining 3.5%. Barring Kotak Mahindra Bank, all constituents of the index ended with losses.
India Vix jumped over 9 per cent to 21.86. Metal, Auto, Cement, FMCG stocks are major losers today.
Metal stocks witnessed biggest losers today. Jindal Steel slipped 12% to close at Rs174 and Hindalco nosedive 7% to close at Rs167.
Auto stocks like Tata Motors shed 7% to close at Rs137. Maruti declined 5% to close at Rs6627.
Tech stocks like HCL Tech declined 1% to close at Rs803 while touched all time high of Rs850. Company has announced its intent to acquire DWS Limited, a leading Australian IT, business and management consulting group worth A$15.82cr.
Bharat Forge, Bharti Airtel, Axis Bank, Bajaj Finance, ICICI Bank, BEL, PVR declined 5-8%.
Tata Elxsi, Kotak Bank, TCS manage to end in the positive territory.