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Sensex down over 100 points, Nifty gives up 10,800; banks, auto fall
Shares of ICICI Bank lost around 2 percent in the morning trade as investors turned cautious of another whistleblower complaint against it.
Selling in automobiles and banking names has dragged the market from the flat lines, with the Nifty giving up 10,800-mark. IT, metals and pharma look to hold the market from falling further. Midcaps have given up all gains. Vedanta, Infosys, and Bajaj Finance are the top gainers, while Tata Motors and ICICI Bank have lost the most.
Shares of ICICI Bank lost around 2 percent in the morning trade as investors turned cautious of another whistleblower complaint against it.
The stock has touched an intraday high of Rs 300.20 and an intraday low of Rs 295.45.
The bank now faces allegations of "irregularities in the conduct of some borrower accounts" and "incorrect accounting", thanks to a third whistleblower complaint in as many years.
Brent crude oil prices fell over 1.5 percent on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday.
Brent crude futures, the international benchmark for oil prices, were at USD 74.21 per barrel at 0343 GMT, down 1.8 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at $68.40 a barrel, down 0.3 percent, supported more than Brent by a slight drop in US drilling activity.
Prices initially jumped after the deal was announced late last week as it was not seen boosting supply by as much as some had expected.
Infosys, Lupin, IndusInd Bank, Vedanta are the top gainers, while Dr Reddy's, Tata Motors, ICICI Bank, RIL, Yes Bank and SBI are the top losers.
Among the sectors, auto, energy, infra are trading lower, while IT, metal and pharma gain the most.
Asian shares got the week off to a cautious start on Monday amid lingering concerns about escalating trade frictions while US oil prices maintained hefty gains made after major oil producers had agreed on a modest increase in production.
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