<p>Indian markets ended down over 2 per cent following weakness in the European markets over fears of bond default in China. While the S&P BSE Sensex shed 541.14 points (2.07 per cent) to end at 25,651.84, the CNX Nifty closed down 165.10 points (2.07 per cent) at 7,812.<br /><br /></p>.<p>“A sharp sell-off in the European markets, weakening Indian currency against the US Dollar and media reports that China is bracing for its second bond default were among the major reasons for today’s downfall. Chinese slowdown and mounting metal surplus in China added to the misery of metal stocks on the bourses,” IIFL head of research Amar Ambani said.<br /><br />“Markets surprisingly fell in the latter half of the day, likely due to the weakness in European markets and caution ahead of the release of Chinese economic data tomorrow. There is also uncertainty over whether RBI would cut rates in the next meeting on September 29. Going ahead, post the RBI meeting, focus will shift to the quarterly results, which may remain lackluster for the domestically oriented sectors. Developments in China will also be closely tracked,” Kotak Securities Head of Private Client Group Research Dipen Shah said.<br /><br />As many as 49 out of the 50 stocks on the Nifty ended in the red, while Wipro was the only Nifty stock which managed to beat the downturn and end on a positive note. Hindalco was the top loser on the Nifty, down 6.66 per cent to Rs 72.90 with volumes of 1.02 crore shares. Other major losers included Vedanta (down 6.25 per cent to Rs 92.25), Coal India (down 5.6 per cent to Rs 323.05), Tata Motors (down 5.03 per cent to Rs 315) and Yes Bank (down 4.93 per cent to Rs 729.40).<br /><br />European market, which is under pressure after the US Fed's decision to hold the rates, was lower with indexes in France, Germany and the UK tumbling by up to 3 per cent.<br /><br />Offloading of bets by cautious investors ahead of the September derivatives expiry on Thursday, also weighed.<br /><br />Selling pressure was broad-based, while metal stocks led by Vedanta, Hindalco and Tata Steel remained target of sellers and lost up to 6 per cent. Realty, bank, energy and capital goods stocks were among worst hit.<br /></p>
<p>Indian markets ended down over 2 per cent following weakness in the European markets over fears of bond default in China. While the S&P BSE Sensex shed 541.14 points (2.07 per cent) to end at 25,651.84, the CNX Nifty closed down 165.10 points (2.07 per cent) at 7,812.<br /><br /></p>.<p>“A sharp sell-off in the European markets, weakening Indian currency against the US Dollar and media reports that China is bracing for its second bond default were among the major reasons for today’s downfall. Chinese slowdown and mounting metal surplus in China added to the misery of metal stocks on the bourses,” IIFL head of research Amar Ambani said.<br /><br />“Markets surprisingly fell in the latter half of the day, likely due to the weakness in European markets and caution ahead of the release of Chinese economic data tomorrow. There is also uncertainty over whether RBI would cut rates in the next meeting on September 29. Going ahead, post the RBI meeting, focus will shift to the quarterly results, which may remain lackluster for the domestically oriented sectors. Developments in China will also be closely tracked,” Kotak Securities Head of Private Client Group Research Dipen Shah said.<br /><br />As many as 49 out of the 50 stocks on the Nifty ended in the red, while Wipro was the only Nifty stock which managed to beat the downturn and end on a positive note. Hindalco was the top loser on the Nifty, down 6.66 per cent to Rs 72.90 with volumes of 1.02 crore shares. Other major losers included Vedanta (down 6.25 per cent to Rs 92.25), Coal India (down 5.6 per cent to Rs 323.05), Tata Motors (down 5.03 per cent to Rs 315) and Yes Bank (down 4.93 per cent to Rs 729.40).<br /><br />European market, which is under pressure after the US Fed's decision to hold the rates, was lower with indexes in France, Germany and the UK tumbling by up to 3 per cent.<br /><br />Offloading of bets by cautious investors ahead of the September derivatives expiry on Thursday, also weighed.<br /><br />Selling pressure was broad-based, while metal stocks led by Vedanta, Hindalco and Tata Steel remained target of sellers and lost up to 6 per cent. Realty, bank, energy and capital goods stocks were among worst hit.<br /></p>