The first day of trading for the week, began on a dismal note, with the benchmark indices falling for the second trading day in a row.
The shares lost as much as 7 per cent in trade, on heavy selling pressure. Other Nifty losers were Vedanta and Maruti. The one pocket that managed to hold steady was the PSU banking space, led by Bank of Baroda. The stock surged in trade, after slippages at the bank fell. Bank of Baroda ended the day higher by a huge 9 per cent in trade.
Most other PSU Banking stocks ended the day higher, including State Bank of India. Shares in HDFC, which is normally considered strong in a falling market as well, fell after IRDAI expressed concern over the HDFC Life and Max Life merger.
Midcap shares also fell in trade with stocks like Arvind losing a huge 8 per cent and Aditya Birla Nouvo lost as much as 7 per cent.
Shares in Corporation Bank surged after the company's non performing assets fell. Meanwhile, the rupee was last seen trading at 67.69 to the US dollar.