Market Update: HDFC Bank, IndusInd Bank top losers, fall 3% each; Airtel jumps 4%; Bombay Dyeing zooms 17%

The beginning of the week belonged to the bears as the Indian benchmark indices continued to bleed on Monday afternoon with the Nifty plunging 88 points while the Sensex dived over 305 points.

Bank Nifty was trading lower by 1.38 percent dragged by IndusInd Bank, Yes Bank, HDFC Bank and ICICI Bank.

Nifty PSU banking index was up 0.26 percent led by Bank of Baroda, IDBI Bank, Punjab National Bank and Oriental Bank of Commerce.

The top Nifty losers included names like HDFC Bank and IndusInd Bank each falling over 3 percent followed by L&T, Kotak Mahindra Bank and Adani Ports, each shedding over 2 percent.

The top Nifty gainers included Bharti Airtel which jumped 4 percent followed by Tata Motors and HPCL which gained 2 percent each. Power Grid and ITC were the other top performers.

The top Sensex losers were Vakrangee which tanked 10 percent while Sterlite Tech, Whirlpool and Aegis Logistics were down over 6 percent each.

The top Sensex gainers included Bombay Dyeing which zoomed 17 percent followed by PC Jeweller adding 14 percent. Polaris, Kadico Khaitan and Firstsource Solutions were the other gainers.

Tech Mahindra and United Breweries were one of the few Nifty stocks that hit new 52-week high.

On the other hand, Castrol India, Andhra Bank, Fortis Healthcare, IDFC twins, LIC Housing Finance, PFC, PTC India Financial, Srei Infra, Suzlon Energy, Union Bank and Welspun India were some of the stocks that hit new 52-week low.

The market breadth was in favour of the declines on Monday afternoon with 570 stocks advancing while 1164 stocks declined and 311 stocks remained unchanged. On the BSE, 926 stocks advanced while 1752 stocks declined and 156 remained unchanged.