Sensex falls 155 points, Nifty below 11,500 amid turmoil in financial space

The performance of banking and financial stocks was a big drag on the markets, even as gains in technology, consumer goods and oil stocks helped offset most of the losses

The benchmark Sensex swung nearly 500 points in the intra-day trade as the turmoil in banking stocks hit investor sentiment. Fresh tensions between the US and China weighed on overseas flows. Market players said traders held light positions ahead of the release of key data, such as the second-half borrowing calendar, balance of payments, and auto sales numbers.

The Sensex ended 155 points, or 0.4 per cent, lower at 38,667, while the Nifty50 index declined 38 points, or 0.33 per cent, to close at 11,474. Foreign portfolio investors sold shares worth Rs 470 crore, even as domestic investors provided buying