NEW DELHI: Blame it on the sharp drop in Indian rupee, triggered by a sell-off in emerging market currencies, headline indices Sensex and Nifty extended losses to a second consecutive session on Monday.The rupee touched the record low of 69.92, as banks and importers bought the American currency in the pursuit of safe haven assets on worries over the crisis-hit Turkey.Asian stocks crumbled in light of deepening crisis in Turkey.
The countrys currency lira plummeted to a record low amid a worsening tussle with the US.
Japan's Nikkei plunged 2 per cent as worried investors turned to buy in appreciating yen, hurting the broader market.The global cues along with nosediving rupee dragged Sensex to 224 points, or 0.59 per cent, lower on Monday.
The 30-share index settled at 37,645, with 11 stocks in the green and 20 in the red.The NSE counterpart Nifty50 fell by 74 points, or 0.65 per cent, ending the day at 11,356, with 19 stocks advancing and 31 declining.Broader midcap and smallcap indices fell more than the benchmarks, settling with losses of 0.70 per cent and 0.78 per cent, respectively.Bank and financial stocks weighed most on Sensex.
HDFC twins, State Bank of India, YES Bank, Axis Bank and ICICI Bank ended in deep red.However, IT stocks such as Infosys, Wipro and Tata Consultancy Services managed to stay up, mainly due to weakness in the rupee.Infosys hit 52-week high of Rs 1,411 after reports that the IT major is eyeing a slice of $5-billion opportunity in offering cybersecurity solutions to its 2,000-plus enterprise customers, that is expected to grow 10-12 per cent CAGR in the next five years.
Shares of State Bank of India dropped over 3 per cent on Monday on a disappointing set of June quarter results.
Indias largest state-owned lender on Friday reported a third straight quarterly loss for the June quarter at Rs 4,876 crore.
The bank registered a profit of Rs 2,005 crore in the same period a year before.
HDFC Bank dropped over 1 per cent today after Paresh Sukthankar's resignation as deputy managing director on Friday.
Shares of Coal India rose nearly 1 per cent after it reported a 61 per cent year-on-year rise in net profit at Rs 3,786.44 crore for June quarter.
FMCG, healthcare and IT were among the sectors that managed to end the day with gains.
Oil gas, bank, telecom, finance and energy suffered the most among the sectoral indices.
Global stocks were in the red on a geopolitical crisis.