The Indian market erased all its morning gains and fell into the red on Monday after media reports said Chinese troops “ carried out provocative military moves in eastern Ladakh to change the status quo. ” but they were blocked by Indian soldiers, the government said today. The incidents took place between August 29 and 30 at night. READ MORE
The volatility index, India VIX, soared more than 13 percent to more than 20 levels.
Among benchmarks, the S&P BSE Sensex was trading 260 points, or 0.7 percent, below 39,200 levels. Earlier in the session, the index had briefly recovered the 40,000 mark. NSE’s Nifty also dropped the crucial 11,600 mark.
Sun Pharma (down 4%), IndusInd Bank and SBI (both down 3%) and Kotak Mahindra Bank (down 2.5%) were Sensex’s main laggards. On the other hand, ONGC rose 2 percent.
The Nifty Industry Indices were all in the red, led by the Nifty Metal Index, down 2.5 percent.
The broader markets fared worse compared to the benchmark indices, with the S&P BSE MidCap and SmallCap indices trading 2% and 3% lower, respectively.
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