was the top loser from the 30-share pack, falling 7.93 per cent to Rs 202.60.
M&M was down 3 per cent,
declined 2.99 per cent, and fell 2.80 per cent. , , and were among the laggards. Sectorally, the Nifty PSU Bank index fell 3.97 per cent, Nifty Media plunged 3.44 per cent, and Nifty Financial Services declined 2.48 per cent. Nifty Midcap50 and Smallcap50 tumbled 2.68 per cent and 2.12 per cent, respectively.
Vinod Nair, Head of Research at
“A fall in liquidity in the banking system, a weak currency and a current premium valuation set the market outlook bearish for the near term,” Nair said.
“With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection,” Nair added.
Earlier in the day, Asian markets ended lower; China’s Shanghai Composite, South Korea’s Kospi and Hong Kong’s Hang Seng fell 0.66 per cent, 1.81 per cent and 1.18 per cent, respectively.
The market capitalization of all listed companies on BSE declined from Rs 4.88 lakh crore to Rs 276.66 lakh crore from Rs 281.54 lakh crore on Friday.
The market breadth was skewed in favor of bears. About 2,492 declined, 986 stocks gained, and 109 remained unchanged.