INSUBCONTINENT EXCLUSIVE:
All the 11 sector gauges compiled by National Stock Exchange ended lower.
The benchmark BSE Sensex
and NSE Nifty 50 indices crashed today over panic sell-offs after government data on Friday showed that the country's economic growth fell
to an over six-year low of 5 per cent
Weakening economic growth along with escalating US-China trade frictions are hurting market sentiment, analysts said
Sensex and Nifty posted their biggest single-day fall since July 8
The S-P BSE Sensex slumped 770 points or by 2 per cent to settle at 36,563 and the NSE Nifty 50 index dropped 225 points or 2 per cent to
In the bruising sell-off, investors' wealth worth Rs
2.56 lakh crore was wiped out today
Here are 10 things to know:Official data released on Friday showed that India's GDP or gross domestic product expanded 5
per cent in the quarter ended June 30, marking the slowest pace since March 2013
The GDP data highlighted concerns about a downturn in the economy amid production cuts and lakhs of estimated job cuts in the auto
sector.Trade frictions escalated between US and China after the United States imposed 15 per cent tariffs on a variety of Chinese goods on
Sunday - including footwear, smart watches and flat-panel televisions - as China put new duties on US crude.Analysts say the latest
escalation between the world's largest and second largest economies is raising concerns about a further hit to global growth.Back home,
state-run lenders were among the worst hit in trade today after the government on Friday announced mega mergers of the government-owned
The gauge PSU banks on the NSE slumped nearly 5 per cent with Punjab National Bank falling 8 per cent
Finance Minister said Punjab National Bank, Oriental Bank of Commerce and United Bank will merge to form the country's second largest
public sector bank with a business of Rs
17.95 lakh crore, "1.5 times the size of Punjab National Bank"."There is a knee-jerk reaction in banks
Any mergers will take time previous mergers have taken years for their benefits to come
These are long-term positives and short-term negatives," AK Prabhakar, head of research at IDBI Capital, told TheIndianSubcontinent.All the
11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty PSU Bank index's over 5 per cent drop
Nifty Bank, Private Bank, Metal, Financial Services and Media sector gauges also dropped between 2.5-3 per cent each.Mid- and small-cap
shares also witnessed selling pressure as the Nifty Midcap 100 and Nifty Smallcap 100 indexes fell 2 per cent each.Tata Steel was top loser
in the Nifty 50 basket of shares, the stock fell 4.5 per cent
UltraTech Cement, ICICI Bank, Titan, Indian Oil, Tata Motors, Reliance Industries IndusInd Bank and JSW Steel were also among the losers.On
the flipside, Tech Mahindra and HCL Technologies were among the only gainers in the Nifty.The overall market breadth was extremely bearish
as nearly 1,200 shares ended lower while 569 shares closed higher on the NSE.Get Breaking news, live coverage, and Latest News from India
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