The Nifty Metal index plunged the most over 5.5% followed by Nifty PSU Bank falling over 3% and auto, financial services, pharma and energy indices down over a per cent each. However, FMCG and media are in the green.
The Nifty Metal index was down 5.7% as National Aluminium Company, Tata Steel, and Jindal Steel was among the worst performers, falling more than 8% each. SAIL was down 5.91%.
Meanwhile, hotel companies stock was in focus on hopes of business revival following unlocking of the economy and pick-up in travel.
EIH, Taj GVK Hotels & Resorts and Chalet Hotels stock climbed in the range on 10-14%, whereas Indian Hotels Company (IHCL) also zoomed to hit a record high on the BSE in an otherwise weak market. The rating agency ICRA on September 2, reaffirmed ratings of IHCL’s non-convertible debenture programme of Rs300cr and revised outlook to stable from negative.
Further, Sensex slipped over 503 points at 58,512.70 and the Nifty slipped 172 points at 17,413.05.