Indian markets fell sharply after China shut markets for the second time this week, as poor data continued to weigh on sentiments in the country.
The CSI 300 in China plunged more than 7 per cent in trade. Circuit filters were reached at near 10.00 am local time. If the CSI 300 breaches 5 per cent, then trading is halted for 15 minutes and after a 7 per cent fall, trading is stopped for the day.
Banking stocks continued to be hit by the carnage with ICICI Bank, Axis Bank, State Bank of India falling by 1-2 per cent. ICICI Bank, State Bank of India and PNB hit a fresh 52-week low in trade.
Reliance Industries which has been rallying following optimism about its performance this year by major brokerages, dropped in trade.
NBCC was trading higher after the company won an order. Lupin too managed to stay resilient in a falling market after reports that the company has launched generic Ortho Tri-Cyclen Lo tablets in US.
Midcap stocks saw even deeper cuts with the index down a near 2 per cent in early morning trade. Adani Power led losers in trade from the mid cap space with losses of near 3 per cent. Other losers were JP Associates, Unitech and IDBI Bank.
Meanwhile, markets across Asia were sharply lower with the Hang Sang dropping 2 per cent and the Japanese Nikkei down 2 per cent each.