Nifty Ends 182 Points Lower As Financials Plunge, The Sensex Drops Below 38,000 points

Benchmark indices closed the day sharply lower on the first trading day of the week, as banking and financial stocks saw sharp falls. The drop in the indices was despite strong markets across Asia and Europe.

In fact, most Asian markets closed the day higher, after a private survey released Monday showed China's manufacturing activity expanded in July.

The Nifty ended the day below the 11,000 points mark at 10,891 points, while the Sensex fell below the 37,000 points mark. Banking stocks were the big losers in trade with Kotak Mahindra Bank and IndusInd Bank among the early big losers from the Nifty.

The entire HDFC pack, including heavyweights like HDFC Bank and HDFC itself fell along with HDFC Life. Tata Motors was the top Nifty gainer jumping by almost 9 per cent in trade. Heavyweight, Reliance Industries, which has seen a solid rise in its share price over the last two months shed almost 3 per cent today.

IRB Infra shares rose after the company said it has received an award letter from NHAI. The stock ended nearly 1 per cent higher in trade. Shares in Bandhan Bank fell 10 per cent, after the promoter sold stake in the bank to meet regulatory requirements.

Auto stocks which were strong in early part of the trade gave-up gains and ended the day with losses.

CreditAccess Grameen saw its shares rise despite a reported 22 per cent decline in consolidated net profit at Rs 75 crore in April-June quarter.