Stock Market: Sensex Dives 872 Points, Nifty Ends Below 17,500 Amid Global Sell-Off

Stock update: Tata Steel was the top laggard, skidding 4.50 per cent, followed by Asian Paints, Wipro, Sun Pharma, Larsen & Toubro, Bajaj Finance, UltraTech Cement, and Bajaj Finserv

Sensex and Nifty, the two key equity benchmarks, after a sharp run after June lows, succumbed to profit tracking a global sell-off in world stocks on renewed concerns over international growth and hawkish stance of central banks.

The BSE Sensex tumbled for the second consecutive session by 872 points (1.46 per cent) to close at 58,773, while the broader NSE Nifty declined 267 points (1.51 per cent) to 17,490.

On the 30-share BSE platform, barring ITC and Nestle India, all Sensex components posted losses.

Tata Steel was the top laggard, skidding 4.50 per cent, followed by Asian Paints, Wipro, Sun Pharma, Larsen & Toubro, Bajaj Finance, UltraTech Cement, and Bajaj Finserv.

"Global markets were weak as dollar index strengthened over hawkish statements made by US Fed Chairman. On the other hand, China’s property market continued to be in trouble, which forced China to cut policy rates yet again," said Siddhartha Khemka, head - retail Research, Motilal Oswal Financial Services Ltd.

In the broader markets, the BSE Midcap gauge declined by 1.80 per cent and the Smallcap index fell 1.17 per cent.

All the BSE sectoral indices ended lower, with metal falling 2.69 per cent, followed by realty (2.47 per cent), basic materials (2.44 per cent), consumer discretionary goods & services (2.01 per cent), finance (1.88 per cent), and bank (1.88 per cent).

On the NSE, the Nifty50 settled below the crucial level of 17,500 at 17,491, down 268 points or 1.51 per cent. The broad-based sell-off was led by the Nifty Metal index (down 3 per cent), the Nifty Realty index (2.7 per cent), and the Nifty PSB index (2.2 per cent).

In the previous session on Friday, the BSE benchmark had ended 651 points (1.08 per cent) lower at 59,646, while the Nifty declined 198 points (1.10 per cent) to settle at 17,758.

Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong ended lower, while Shanghai settled in the green. Bourses in Europe were trading in the negative zone during mid-session deals. Wall Street had ended lower on Friday.

Meanwhile, the international oil benchmark Brent crude was trading 0.95 per cent lower at $95.80 per barrel.

The rupee recovered early losses to close flat at 79.84 (provisional) against the US dollar amid a strong greenback overseas.

Foreign institutional investors (FIIs) bought shares worth a net Rs 1,110.90 crore on Friday, according to exchange data.