Sensex fell 587 points lower at 36,472 (Reuters)
Sensex fell 587 points lower at 36,472 (Reuters)

Sensex slumps nearly 600 points, Yes Bank tanks 14%: 10 points

  • SBI, ICICI Bank, HDFC and HDFC Bank led losses in banking stocks
  • DLF Ltd, India’s largest real estate developer by market value, fell 16% today

Indian market indices Sensex and Nifty fell sharply today amid a broad-based decline. Outflows from Indian markets, rupee’s tumble and weak global markets hurt the sentiment. The rupee today tumbled to its lowest this year against the US dollar. The Sensex fell 587 points lower at 36,472 while Nifty settled 1.7% lower at 10,736. Among other Sensex stocks, Vedanta slumped 8%, Bajaj Finance 4.5%, Tata Motors 4%, ONGC 3.5% and Hero MotoCorp 3.2%. Here are 10 updates from Indian stock markets:

1) “Markets plunged sharply lower and lost over one and a half percent, in continuation to prevailing corrective phase. The recent fall is a result of growing uneasiness among the participants as they are keenly awaiting some action from the government to boost the market sentiment. Besides, feeble global cues are further adding to the negativity," said Ajit Mishra, vice president for research at Religare Broking.

2) “Nifty has now reached closer to its immediate and critical support of 10,750 so we may see some consolidation or pause ahead. We suggest continuing with “sell on rise" approach and focusing more on stock selection now," he added.

3) Among the Sensex stocks, Yes Bank shares slumped 14%, extending their decline to the fourth day.

4) In financials, SBI, ICICI Bank, HDFC, HDFC Bank and IndusInd Bank fell between 2% and 3%.

5) DLF Ltd, India’s largest real estate developer by market value, fell 16% today after Supreme Court issued notice on non-disclosure of key information on QIP.

6) Other real-estate stocks Indiabulls Real Estate fell 7% while Oberoi Realty declined 5.6%. The Nifty real estate slumped 6.7%.

7) Global markets mostly struggled today. The minutes of the Fed's July meeting, released on Wednesday, showed policymakers deeply divided over rate cuts, while hopes for a fiscal stimulus dimmed as President Donald Trump said he was not looking at cutting payroll taxes.

8) The rupee today weakened to its year’s lowest falling to near 72 a US dollar.

9) Broad gains in US dollar and continued outflows from Indian equity markets over last two months have hurt the rupee.

10) Foreign institutional investors have withdrawn over $3 billion from Indian markets since the government hiked tax on super-rich in the July Budget.