Sensex, Nifty Hit 2018 Low After 5-Day Decline

Losses were broad-based as S&P BSE MidCap index fell 0.8 percent and the S&P BSE SmallCap index declined 1.3 %.

Sensex pared early gains after a volatile session. (Photo: Reuters)

Indian equity benchmarks tumbled, sending the indices to their steepest drop this year after Bloomberg reported that the Enforcement Directorate had sought meetings with 31 banks as part of the probe into the $2 billion fraud at Punjab National Bank.

Financial stocks led by ICICI Bank and State Bank of India were the biggest laggards. The S&P BSE Sensex fell 1.27 percent or 429.58 points to 33,317 and the NSE Nifty 50 Index tumbled 110 points or 1.06 percent to 10,249.25.

Losses were broad-based as the S&P BSE MidCap index fell 0.8 percent and the S&P BSE SmallCap index declined 1.3 percent.

All sector gauges compiled by BSE ended lower led by the S&P BSE Realty index's 2.2 percent drop.

Market Check

• Indian equity benchmarks fell sharply in the last 30 minutes of trade dragged down by weakness in banking and IT shares.

• The S&P BSE Sensex fell as much as 703 points from intraday highs to 33,357 and the NSE Nifty 50 Index fell as much as 189 points from day's high to 10,252.
• All sector gauges compiled by the National Stock Exchange were trading lower dragged down by the Nifty PSU Bank index’s 2.3 percent drop.

(This article was first published on BloombergQuint.)