The stock market fell sharply after a six-day rally on August 31. The Sensex was down 839.02 points and the Nifty was down 260.10 points. The Nifty closed below 11,400 points. The Sensex closed at 38628.29 points.
Of the 48 stocks in the Nifty, only two gained. Sun Pharma, Zee Limited, SBI, Cipla and Sree Cements were the top five losers in the Nifty. Sun Pharma fell 7.42 per cent.
The market started from where it left off last week. Although the Nifty touched a low of 11,800 in the morning, the negative news of another clash on the Indo-China border sent the market down. The Nifty fell below 11,400 points. Strong selling pressure was seen in various stocks, including banking.
In the meantime, there are indications that the conflict is escalating, and India is watching cautiously. It is in this context that the stock market witnessed a sharp decline.
The Nifty is down over 400 points. Shares of pharma and banking stocks were under strong selling pressure. The Nifty Pharma index was down 4.67 per cent. The Bank Nifty index, which had gained more than four per cent on Friday, fell 3.14 per cent on August 31. Leading banks like SBI, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank fell more than 5 per cent.
