Sensex crashes over 830 points, Nifty slides below 11,400 ahead of GDP data

New Delhi: Markets ended deep in the red on Monday ahead of the release the country’s GDP figures for the April-June period.

The BSE Sensex fell 839.02 points or 2.13 percent to finish at 38,628.29 while the NSE Nifty tanked 260.10 points or 2.23 percent to end at 11,387.50.

Analysts believe that India might witness historical low quarterly GDP data followig the coronavirus-related lockdowns. Meanwhile, on August 25, the Reserve Bank of India (RBI) released its 2019-20 annual report, wherein it has stated that India’s growth is projected at minus 4.5 percent for 2020-21.

Only ONGC and TCS ended on a positive note. Top losers in the Sensex pack were Sun Pharma, SBI, Bajaj Finserve, Bajaj Finance, NTPC, ICICI Bank, Kotak Bank, M&M, Maruti, IndusInd Bank, Ultrachem, and LT, falling upto 7.34 percent.

The release of core sector data also dented market sentiments. The output of eight core infrastructure sectors contracted for the fifth consecutive month, dropping 9.6 per cent in July, mainly due to a decline in production of steel, refinery products and cement.

Investors are now awaiting gross domestic production (GDP) data, scheduled to be released later in the day.

Bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo settled with gains. Stock exchanges in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 1.48 per cent higher at USD 46.49 per barrel.