Share Market Update: Sensex Crashes Over 600 Points Amid Selloff, Nifty Below 10,950; RIL Surges 10%

Breaking its two days winning streak, domestic benchmark indices BSE Sensex and NSE Nifty 50 suffered sharp losses on Tuesday amid selloffs across various sectors excluding energy shares.

Indian shares were largely dragged by telecom and automotive stocks. (File Photo/ Getty)

Share Market Update: Breaking its two days winning streak, domestic benchmark indices BSE Sensex and NSE Nifty 50 suffered sharp losses on Tuesday amid selloffs across various sectors excluding energy shares. According to market reports, Indian shares were largely dragged by telecom and automotive stocks as investors remained wary as no announcements were made by government on the fiscal stimulus package and ahead of key inflation data. The S&P BSE Sensex index fell 623.75 points - or 1.66 per cent - to end at 36,958.16, and the broader NSE Nifty benchmark settled at 10,925.85, down 183.80 points - or 1.65 per cent - from the previous close. 28 out of 30 stocks in Sensex camp registering losses. YES Bank, Mahindra and Mahindra, Bajaj Finance and Bharti Airtel were biggest losers in today's trading session, cracking up to 10.35 per cent. Only Reliance Industries and Sun Pharma managed to hold gains. Sesex hit an intra-day low of 36,888.49 and a high of 37,755.16. RIL rallied 9.72 per cent to become the biggest gainer, after Mukesh Ambani on Monday announced plans to sell stakes in the firm's oil and chemicals business to Saudi oil giant Aramco and in fuel retail network to BP plc for Rs 1.15 lakh crore, and said its telecom unit Jio will begin offering fibre-based broadband services from next month. Sun Pharma and PowerGrid were other two stocks that ended in the green. Auto stocks plunged after SIAM reported that automobile sales in India witnessed its sharpest decline in nearly 19 years in July, dropping 18.71 per cent, rendering almost 15,000 workers jobless over the past two-three months. "Markets have been tagging-along global markets in palpable risk-off sentiment due to multiple challenges of intensification of US-China trade war, sell-off in Argentina and Hong Kong markets," said Jagannadham Thunuguntla, senior VP and Head of Research (Wealth), Centrum Broking told news agency PTI. Asian markets ended significantly lower amid global trade war concerns and increasingly violent demonstrations in Hong Kong. The Hang Seng cracked 2.10 per cent, Shanghai Composite Index fell 0.63 per cent, Kospi 0.85 per cent and Nikkei ended 1.11 per cent lower. Equities in Europe were trading in the red in early deals. Meanwhile, the Indian rupee depreciated by 49 paise to 71.27 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 0.51 per cent to USD 58.27 per barrel.