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Equity benchmark turned red after opening on a flat note on Monday amid selling pressure in heavy weights like Reliance Industries, Yes Bank.
The Sensex declined 284 points at 38,855 levels. The Nifty dropped 88 points at 11,664 levels, well below its key level of 11,700.
The fall could be attributed to selling pressure in Oil Marketing Companies (OMCs) due to a sharp rally in crude oil prices in the global markets. Further, declining shares of Reliance Industries also led to the fall in benchmark indices.
Hindustan Petroleum Corporation (HPCL) dropped 5%, Bharat Petroleum Corporation (BPCL) slumped 4%, and Indian Oil Corporation (IOC) fell 3%.
Shares of Reliance Industries plummeted 8% after the company’s GRM for the final quarter of FY19 stood at US$8.2/bbl vs. US$11.0/bbl yoy.
Further, among stocks on the NSE, Wipro, Power Grid, TCS, Tech Mahindra, and HCL Tech made a basket of the top gainers. Conversely, BPCL, IOCL, Indiabulls Housing Finance, Yes Bank, and Reliance Industries lost the most.
All the sectoral indices on the NSE were trading in the red except the Nifty IT, which was supported by depreciation of the Indian rupee. The Indian rupee slumped 48 paise to trade at 69.83 against the dollar compared to its previous close of 69.35/$.
The Nifty Realty index declined 2% followed by Auto, PSU Bank, Private Bank, Financial Services, which dropped 1% each.
Incidentally, the volatility index, India VIX, climbed 6% at 24.15.
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