Closing Bell: Sensex drops 196 points to end at 37,686, Nifty also closes 95 points lower
Equity benchmark Sensex fell by 197 points on Monday, tracking weak global cues and unabated foreign fund outflows.
Similarly, the NSE gauge Nifty slipped by 95 points.
Auto stocks were at the receiving end with investor sentiment taking a hit after the government proposed a hike in registration fees for old and new vehicles and changes in scrappage policy to give a boost to electric vehicles.
Among the Sensex constituents, Tata Motors was the biggest loser with 6.52 per cent fall, followed by Vedanta 5.09 per cent, Bajaj Auto 4.99 per cent, Maruti Suzuki 4.26 per cent and Tata Steel 2.65 per cent. Of the 30 stocks of Sensex, 23 ended in the red and only 7 closed in the green.
Among the gainers were ICICI bank, HCL Tech, IndusInd Bank, TCS, Infosys, SBI and Bharti Airtel—gaining as much as 3.32 per cent.
The 30-share Sensex ended 196.82 points, or 0.52 per cent, lower at 37,688.28, while the broader NSE Nifty fell 95.10 points, or 0.84 per cent, to settle at 11,189.20.
In the previous session, the 30-share index closed at 37,882.79, registering a gain of 51.81 points or 0.14 per cent, and the broader NSE Nifty rose 32.15 points or 0.29 per cent to settle at 11,284.30.
In early trade, ICICI Bank, HCL Tech, TechM, TCS, Infosys, IndusInd Bank, Kotak Bank HUL and Axis Bank were among the top gainers, rising up to 2.77 per cent.
On the other hand, M&M, Tata Motors, SBI, Yes Bank, Tata Steel, Asian Paints, ITC, Maruti, HeroMotoCorp, and Bajaj Auto fell up to 3.84 per cent.
In Asian markets, Shanghai Composite Index, Hang Seng, Nikkei and Kospi closed lower ahead of US-China trade talks.
(With inputs from PTI)