India markets closed

Sensex, Nifty trade in red as Kashmir tension spooks investors’ interest

The 30-share BSE Sensex lost 531.94 points and was trading at 36,586.28. The 50-share Nifty also depreciated by 171.05 points to 10,826.30. (Express Photo by Prashant Nadkar)

Benchmark indices Sensex and Nifty pummelled over 500 points in the morning trade Monday as the ongoing tension in Kashmir spooked investors’ sentiment. Late Sunday night, Section 144 CrPC was imposed in Srinagar and mainstream party leaders NC leaders Omar and Farooq Abdullah, and PDP chief Mehbooba Mufti, among others were placed under house arrest. Home Minister Amit Shah held a Cabinet meeting over the issue.

The 30-share BSE Sensex lost 531.94 points and was trading at 36,586.28. The 50-share Nifty also depreciated by 171.05 points to 10,826.30. In the previous session, Sensex had risen 99.90 points to settle at 37,118.22 while Nifty had gained 17.35 points to end at 10,997.35. Follow LIVE Updates

In the Sensex pack, Yes Bank, Tata Motors, Vedanta, SBI, Tata Steel, Power Grid, ICICI Bank, ONGC, Reliance and Maruti, were among the major losers, falling up to 8.49 per cent. TCS, Infosys, Bharti Airtel and HDFC were trading in the green.

On a net basis, foreign institutional investors sold equities worth Rs 2,888.06 crore, provisional data available with stock exchanges showed on Friday.

Read | Jammu and Kashmir: Govt looks at land laws to dilute Article 35A

"FPIs withdrew more than they invested as the US-China trade war has started brewing again which is not helping investors’ sentiments," Harsh Jain, COO at Groww, told PTI.

Further, "the announcement of rate cuts by Fed in the US has evoked confused reactions and added to the uncertainty," he added.

The rupee also tumbled 86 paise or 1.22 per cent against the dollar and is trading at 70.46.

The Brent crude futures were trading 1.18 per cent lower at 61.16 per barrel.

(With inputs from PTI)