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Sensex, Nifty witness steep plunge

Sensex, Nifty extended huge losses on Monday. As India is observing a ‘Bharat Bandh’ in the wake of rising fuel prices and falling value of the Rupee, benchmark indices have witnessed a slumped to a great extent.  The rupee hit a new low of 72.67 against the US dollar. Trade tensions and crude prices are also affecting the market.

The BSE’ Sensex ended lower 467.65 points at 37,922.17, while the Nifty has dropped 151 points at 11,438.10.  The top losers from the Sensex were Sun Pharma, Mahindra & Mahindra, Vedanta and InduysInda bank. However, software stocks witnessed some buying support with Wipro and Infosys among the gainers on a drop in the rupee. Bond yields, surged in trade, following a sharp drop in the rupee.  This led certain banking stocks to fall.

Nifty PSU Bank index went down 2.16 percent at 3,068.15 today. Among the constituents IDBI Bank Ltd fell 3.51 percent, Syndicate Bank slipped 3.28 percent and Bank of India dropped 2.76 percent. In other indices, Nifty Pharma slipped 2.06 percent and Nifty Commodities index has shed 1.90 percent on the day.