Sensex Tanks 500 Pts, Nifty Below 15,800

The domestic equity benchmarks started off the week gap-down, dragged by declines in heavyweight banking stocks. The Nifty banking index shed over a per cent in the opening deals on Monday, July 19. 

The 30-share pack BSE Sensex opened lower by 503.57 points at 52636.49, and the Nifty-50 declined 141.20 at 15782.20. The BSE index saw 27 declines, while only three scrips traded in the green. Shares of HDFC Bank fell over three per cent after the bank released its Q1 numbers, while those of HDFC, Axis Bank, and IndusInd Bank dipped over a per cent each. 

Barring IT, Pharma, and Energy, all other sectors saw selling pressure and were trading in the red at the market opening. The Banks and Financials were among the top losers shedding over a per cent each and dragging the indices lower. 

The broader markets also saw heats of volatility as both BSE Midcap and Smallcap were trading lower by nearly 100 points. Shares of L&T Finance, Tvs Motor, and Supreme Ind were top losers of the Midcap space falling 2-3 per cent each. 

The negative trend in the foreign markets kept the indices on check in the morning deals, said experts. The U.S markets on Friday ended lower dragged by declines in technology stocks, while the Asian markets also traded red in the morning. However, the earnings session ahead will bring some momentum and also stock specific action will lead to some positives, experts added. 

In the overall market breadth during filing, 899 shares were trading in the red, and 830 shares advanced in the NSE.