Sensex, Nifty Log Worst Day In Nearly 7 Months, Dragged By Reliance, Banks

India's stock benchmarks logged the steepest single day loss in nearly seven months, dragged by Reliance and banks. The S&P BSE Sensex and NSE Nifty 50 index declined for the fourth consecutive season, the longest losing streak in a month.

Sensex declined 1.96% to 58,465.89, down 1,170 points. The 30-stock gauge fell 2.72% in intraday trade. Nifty 50 also declined by a similar magnitude to 17,416.55. Reliance Industries Ltd. contributed the most to the index decline, decreasing 4.4%. Bajaj Finance Ltd. had the largest drop, falling 5.7%. Today, 42 of 50 shares fell, while 8 rose.

The broader indices underperformed their larger peers with both S&P BSE MidCap and S&P BSE SmallCap falling over 2.6%. Barring S&P BSE Telecom and S&P BSE Metal, all the other 17 sectoral indices compiled by BSE Ltd. declined with S&P BSE Realty shedding 4.5% and S&P BSE Energy falling 4%.

The market breadth was skewed in the favour of bears. About 906 stocks advanced, 2,498 declined and 164 remained unchanged.

• IDFC First Bank down 5th day; longest loss streak in 13 months

• Indian Overseas Bank slips for 7th day; longest loss streak in 16 months

• Bank of Maharashtra falls for 8th day; HUDCO falls for 7th day

Source: Bloomberg

• SBI's long-term issuer default rating was affirmed by Fitch at BBB-

• Senior Unsecured Debt Rating was affirmed by Fitch at BBB-

• Outlook remains negative

Source: Bloomberg

• Bandhan Bank Ltd. has 2.46 million shares change hands in a bunched trade.

• Details of the buyers and sellers are not immediately known.

Source: Bloomberg