Nifty slips 137 pts, settles below 11,400

The NSE benchmark Nifty Monday snapped its two-day winning streak and slipped by 137.45 points to 11,377.75, driven by weak global cues and ongoing rupee crisis.

Sentiments remained subdued amid reports that the US could soon announce a new round of tariffs on Chinese imports.

Moreover, continued sell-offs in global markets too spooked investors.

Heavy losses were seen in financial stocks, FMCG, realty, banking, energy and pharma stocks.

Over the weekend, the government had announced several steps to prop up capital inflows and curb non-essential imports, while sticking to its fiscal deficit targets.

The rupee fell more than 1 per cent to 72.70 per dollar in intra-day trade.

Overseas, European stocks were trading lower amid renewed fears over an escalating trade war between the world's two largest economies, the US and China.

Global shares came under pressure on reports that the US could be imposing new tariffs on USD 200 billion of Chinese goods as early as this week.

The Nifty 50 index fell 137.45 points, or 1.19 per cent, to end at 11,377.75, its lowest closing level since September 11, 2018. The index touched day's high of 11,464.95 and fell to a low of 11,366.90.

It saw an intra-day movement of about 98.05 points.

Among the sectoral indices, financial service fell by 1.68 per cent, followed by FMCG 1.38 per cent, PSU bank 1.30 per cent, pharma 1.40 per cent, bank 1.26 per cent, energy 1.16 per cent, realty 1.13 per cent, private bank 1.11 per cent, auto 0.89 per cent, infra 0.58 per cent, metal 0.22 per cent and media 0.07 per cent. While, realty and IT rose by 1.13 and 0.29 per cent, respectively.

Major index gainers were BPCL, Hindpetro, Eicher Motors, TechM, Powergrid, IOC, Hcl Tech, GAIL, TCS and Adani Ports.

Losers included Sun Pharma, InfraTel, BajajFinSv, HDFC, Tata Motors, Titan and Reliance.

The market breadth, indicating its overall health, turned negative. On the NSE, 810 stocks advanced, 1,020 declined and 87 remained unchanged.

Total securities that hit their price bands were 252.

Turnover in the cash segment fell to Rs 29,218.10 crore from Rs 33,720.65 crore as on Friday.

A total of 15,125.03 lakh shares changed hands in 1,09,90,879 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,52,56,333.58 crore.