The market capitalisation of all listed cos on BSE declined by Rs 56,290 crore to Rs 303.92 lakh crore. The market breadth was skewed in the favour of the bulls. About 1,836 stocks gained, 1,742 declined, and 162 remained unchanged on the BSE.
Sectors sensitive to domestic interest rates like banks and financial services stocks were among the top losers as Nifty Bank fell 0.76%. Meanwhile, FMCG index lost 0.91%, followed by Pharma, which was down 0.74%.
"Higher treasury yields weighed on the tech sector, with Nasdaq receiving fresh drubbing. Also, escalating US-China tensions, and rising recession fears as Chinese data showing industrial activity weakened in June could dent market sentiment. Technically, Nifty may face a hurdle at the 195,77 mark, while any further escalation could push the index towards the 19,900-20,000 zone," said Prashanth Tapse of Mehta Equities.