The benchmark Sensex on Tuesday fell over 289.13 points to close at 37,397.24 due to heavy selling mainly in banking, auto and oil & gas stocks as tepid corporate earnings and auto sector woes weighed on investors’ sentiment.
Besides, sustained foreign fund outflows continued to spook domestic equity market.
The 50-share NSE Nifty too dropped 103.80 points to settle at 11,085.40.
In the Sensex pack, Yes bank emerged as the biggest loser, falling 9.13 per cent, followed by IndusInd Bank (6.6 per cent), HeroMotoCorp (6.01 per cent), Sun Pharma (4.79 per cent) and SBI (4.70 per cent).
Other losers were Tata Steel, Vedanta, Tata Motors, Reliance, Axis Bank, ONGC, HDFC and ICICI Bank, among others.
On the other hand, Bharti Airtel topped the gainers’ chart, up 3.19 per cent, followed by TCS (2.32 per cent), HCL Tech (0.83 per cent), ITC (0.49 per cent), HDFC Bank (0.39 per cent), L&T (0.36 per cent), HUL (0.19 per cent), Infosys (0.16 per cent) and NTPC (0.08 per cent).
Sectorally, BSE metal was the worst performer with 3.25 per cent drop. Other major laggards were energy (2.42 per cent), basic materials (2.32 per cent), oil & gas (2.14 per cent), auto (2.12 per cent) and bankex (1.86 per cent).
In Asian markets, Shanghai Composite Index, Hang Seng, Nikkei and Kospi closed on a positive note ahead of US-China trade talks and Federal reserve policy.
Meanwhile, gold prices Tuesday moved upward, gaining Rs 160 to Rs 35,880 per 10 gram in the national capital due to fresh buying from jewellers even as the precious metal remained flat overseas.
Silver also firmed up by Rs 150 to Rs 42,050 per kg on increased offtake by by industrial units and coin makers.
Bullion traders said the pick-up in demand helped the rally in the precious metal.
Globally, gold was trading flat at USD 1,427.60 an ounce in New York, as investors were cautious ahead of crucial trade talks between the US and China.
The investors are also awaiting the outcome of the US Federal Reserve’s meeting for further signals.
Meanwhile, silver globally also witnessed lack of movement and was trading steady at USD 16.54 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose Rs 160 each to Rs 35,880 per 10 grams and Rs 35,710 per 10 grams, respectively.
Sovereign gold held steady at Rs 27,500 per eight grams.
Silver ready gained Rs 150 to Rs 42,050 per kg and weekly-based delivery was advanced Rs 53 to Rs 41,239 per kg.
Silver coins were in good demand and traded higher by Rs 1,000 at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces, respectively.
