It was another disastrous Monday for the Indian markets, in which both the indices collapsed, despite relatively quieter cues from across the globe. Most of the European markets were trading flat, while the Dow Futures pointed to slightly higher openings for the US markets later today.
The Sensex ended the day lower by 1375 points, while the Nifty fell 379 points in trade. The fall had largely to do with some huge round of selling in banking, HFC and NBFC stocks, as investors fear that the next few quarters may see NPAs rise sharply and credit growth slump.
HDFC fell a huge 11 per cent in trade, while HDFC Bank slumped 8 per cent and ICICI Bank fell 7 per cent. Bajaj Finance was the biggest loser from the space, as the stock shed a huge 12 per cent, and there was heavy delivery based selling.
Shares in Yes Bank fell for the eighth straight day, making losses at the bank to the tune of 54 per cent in these eight sessions. Among the NSE largecap gainers were Abbott India, Torrent Pharma, Cipla and GSK Pharma.
Meanwhile, the rupee was significantly weaker by 87 paise and was last seen trading at 75.53 to the dollar.