Mumbai: Amid sell off in banking stocks Nifty traded below the key 7,800 levels. The Sensex fell over 200 points below 25,400 levels.
The market has opened lower on the back of weak global cues while, the rupee opened lower by 8 paise at 66.41 per dollar on Monday against 66.33 Friday.
The selling in the Nifty50 index was lead by the private lender ICICI Bank that slipped nearly 4% in the early trade. The bank while reporting its Q4 earnings last week stated 4.8% of its assets, or Rs. 44,000 crore, fell in below-investment grade.
ICICI Bank’s disclosure on troubled assets led many brokerages to downgrade the lender’s FY17 earnings per share estimates.