Indian shares slipped on Monday tracking Asian peers, with banking stocks taking the brunt, as fears of recession in the United States intensified.
Concerns about the health of the world economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.
The broader NSE index fell 0.87 per cent to 11,357.95 as of 0528 GMT. The index slipped more than 1.0 per cent in its biggest daily loss since Feb. 26 in early trade.
The benchmark BSE index also shed 0.87 per cent to 37,828.37, reports Reuters.
Nifty’s bank index slipped for a second straight session, falling as much as 1.26 per cent, with ICICI bank and Housing Development Finance Corporation slipping 1.9 per cent and 1.5 per cent, respectively.
Nifty Realty index lost as much as 2.3 per cent, its steepest intraday loss since Feb. 26.
Shares of Tata Motors Ltd declined for a third straight session, slipping as much 2.17 per cent.
Only 11 of 50 stocks on the NSE index were in the green. Fuel retailers like Indian Oil Corporation snapped three sessions of losses, rising as much as 2.9 per cent, while Hindustan Petroleum Corp added as much as 1.9 per cent.
Shares of Jet Airways Ltd rose as much as 3.87 per cent. The company’s Chairman Naresh Goyal is expected to leave the board of the cash-strapped airline on Monday, a local television channel reported.
