The benchmark S&P BSE Sensex tanked 365 points, or 0.92 per cent, to trade at 37,241 levels in early deals amid selling in financial counters. IndusInd Bank, HDFC Bank, and HDFC Bank, down between 1.5 and 2 per cent, were the top laggards on the Sensex index, followed by weakness in HDFC, Bajaj Finance, and Reliance Industries.
On the upside, Maruti Suzuki, Bajaj Auto, and M&M were the top gainers on the benchmark index on the back of healthy July auto sales figures.
That apart, Bandhan Bank skid over 8 per cent on the BSE after 356 million equity shares changed hands on the counter in a block deal. READ MORE
The broader Nifty50, meanwhile, slipped below the crucial 11,000-level, and was at 10,978 level, down 95 points or 0.86 per cent.
Sectorally, Nifty Auto Index gained over 2 per cent, while Nifty Private Bank index slipped 2 per cent on the NSE.
In the broader market, S&P BSE MidCap index was at 13,772.62 level, up 0.13 per cent; S&P BSE SmallCap index was at 13,059.56 level, up 0.4 per cent.