August 5, 2019 / 5:21 AM / 2 months ago

Sensex, Nifty end at five-month low on global cues, government's Kashmir move

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, May 20, 2019. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) - Indian shares on Monday ended at a fresh five-month low, amid a global sell-off after U.S. President Donald Trump’s decision to impose tariffs on more Chinese imports, while New Delhi’s move to scrap special status of the disputed Kashmir region also spooked investors.

Prime Minister Narendra Modi’s government revoked special status and property rights enjoyed by Kashmir, amid a military buildup and suspension of phone and internet services in the region. Interior Minister Amit Shah told parliament the federal government would scrap Article 370, a constitutional provision that grants a measure of autonomy to Jammu and Kashmir including the right to make its own laws.

The broader NSE Nifty ended 1.23% lower at 10,862.60, while the benchmark BSE Sensex closed 1.13% weaker at 36,699.84.

Most sectors traded in the red, with banking and media stocks leading the declines. The Nifty bank index closed down 1.97% and the media index dropped 3.38% to its worst close in over five years.

Yes Bank was the session’s top laggard, diving 8.4% to its worst finish in over five years, while Tata Motors ended 5.2% lower.

Among gainers were IT stocks, buoyed by the rupee that weakened to a five-month low. The IT index ended 0.63% higher, led by gains in heavyweight Tata Consultancy Services, which closed up 1.7%

The volatility index ended 9.2% higher.

Reporting by Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips

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