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Indian markets were trading in the negative territory in the afternoon session on Monday.
The benchmark S&P BSE Sensex tanked 600 points, or 1.5 per cent, to trade at 37,025 levels amid selling in financial counters. IndusInd Bank, Bajaj Auto, Axis Bank, and HDFC Bank, down between 2 and 3.5 per cent, were the top laggards on the Sensex index, followed by weakness in ONGC, TechM, TCS, and HDFC.
Bandhan Bank skid over 8 per cent on the BSE after 356 million equity shares changed hands on the counter in a block deal.
Shares of Tata Motors rallied over 8 per cent on the BSE on Monday after the company on Friday released its June quarter numbers for the fiscal year 2020-21 (Q1FY21).
The broader Nifty50, meanwhile, slipped below the crucial 11,000 level, and was trading at 10,916 levels, down 157 points, or 1.42 per cent.
Sectorally, Nifty Pharma index was up 1.5 per cent, while Nifty Private Bank index slipped 2.5 per cent on the NSE.
In the broader market, S&P BSE MidCap index was at 13,822 level, up 0.45 per cent; S&P BSE SmallCap index was at 13,152 level, up 1 per cent.