Sensex dives 525 points, Nifty ends below 17,400; metal stocks bleed

Indian equity benchmarks Sensex and Nifty closed about 1% lower on Monday amid a selloff in global markets. The 30-share BSE index slumped 524.96 points or 0.89% to end at 58,490.93, while the broader NSE Nifty dropped 188.25 points or 1.07% to 17,396.90. Tata Steel, sinking nearly 10%, was the top Sensex laggard followed by SBI, IndusInd Bank, HDFC, Dr Reddy’s and M&M. HUL, Bajaj Finserv, ITC and HCL Tech were among the rare gainers. All sectoral indices on the NSE barring Nift FMCG closed in the red. Nifty Metal, sinking nearly 7%, was the top sectoral laggard followed by Nifty PSU Bank, Nifty Realty and Nifty Pharma. On the other hand, Nifty FMCG closed nearly 1% higher. The overall market breadth was negative as 2,332 stocks declined on the BSE, while 1,041 advanced and 134 remained unchanged. In Asia, Hang Seng declined over 3%. Stock exchanges in China, Japan and South Korea were closed for holidays.