New Delhi: Stock markets extended sharp fall by crashing more than 1 percent on Monday amidst negative global cues as investors cashed profits in banking, consumer durables, oil & gas and PSU stocks.
The BSE Sensex, fell 505.13 points or 1.33 percent to close at 37,585.51. The wider NSE Nifty50 also dropped 137.45 points or 1.19 percent to 11,377.75.
Globally, market sentiments were subdued on reports that the US might announce fresh tariffs on Chinese imports.
The top losers Sensex were Yesbank (1.39 percent), HUL (1.60 percent), Axisbank (1.60 percent), SBI (1.65 percent), ITC (1.65 percent), Heromoto corp (1.72 percent), HDFC bank (1.81 percent), Asian paint (1.93 percent), RIL (2.12 percent), Tata Motors (2.35 percent), HDFC (2.38 percent) and Sunpharma (2.85 percent).
Intra-day, Sensex touched a high of 38027.81 and a low of 37548.93. The gauge had gained 677.51 points in the previous two sessions.
The government Friday announced an array of steps, including removal of withholding tax on Masala bonds, relaxation for FPIs and curbs on non-essential imports to contain the widening CAD and check the rupee fall.
Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,090.56 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 115.14 crore on Friday, provisional data showed.