Sensex Ends 675 Points Lower; ICICI Bank Shares Slump

Benchmark indices ended the day sharply lower led by losses in ICICI Bank. Global cues were weak, with the Dow Futures pointing to lower openings across the US markets.

The Sensex ended the day with losses of 175 points, while the Nifty lost 170 points in trade. Banking stocks were extremely weak as a leading rating agency downgraded the outlook on India Banks to negative.

ICICI Bank, Axis Bank and IndusInd Bank were among the big losers in trade. Sun Pharma, Cipla ITC and GAIL were among the gainers. Shares in ONGC also ended the day 7 per cent higher, after crude oil prices rallied in the global markets.

Shares in RBL bank slumped after reports of some concerns of the lockdown on SME loans. The shares of the bank hit a new 52-week low in trade. Shares in Tata Motors lost ground after S&P Global Ratings downgraded the company's Long Term Issuer Credit Rating at B /Stable.

Among the sectoral indices, Nifty pharma was the only one that managed to gain ground in trade. Meanwhile, most European markets were trading with losses led by the German DAX. The US markets are likely to begin the day on a weak note.