Following the global cues, the indices at the Dalaal street witnessed a huge selling, as the Bombay Stock Exchange (BSE) sensex tanked 525 points to end at 58,491 while the National Stock Exchange (NSE) Nifty closed the day at 17,397, down 188 points. Moreover, Broader markets declined as well, with the Nifty Midcap100 index falling 2.3 percent and the Smallcap100 index falling 1.8 percent.
The Nifty Metal index dropped nearly 7%, accompanied by the PSU Bank, auto, financial services, and pharmaceutical indices. The nifty FMCG index increased. On the Nifty50, Tata Steel, JSW Steel, Hindalco Industries, UPL, and SBI were amongst the worst performers. HUL, ITC, Bajaj Finserv, HCL Technologies, and Britannia Industries were among the top gainers. A possible spillover of China's Evergrande debt woes, a drop in commodity prices, and the outcome of the US Federal Reserve policy meeting were some of the triggers for the investors.
Asian Stocks Down
Asian shares slid and the dollar held firm on Monday ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering. Holidays in Japan, China, and South Korea made for thin conditions, and politics added extra uncertainty with elections in Canada and Germany bookending the week.