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Nifty, Sensex fall sharply; Tata Motors hits decade low

File photo of Bombay Stock Exchange (BSE) building in Mumbai. Photograph:( Reuters )

Reuters Bengaluru, Karnataka Aug 21, 2019, 04.27 PM (IST)

Indian shares closed sharply lower on Wednesday, led by declines in metals and banking stocks, as worries over a global recession and an escalating US-China trade war weighed on investor sentiment.

The broader NSE Nifty closed down 0.89 per cent at 10,919.45, while the benchmark BSE Sensex ended 0.72 per cent lower at 37,060.37.

The Nifty metals index ended down 2.89 per cent after hitting its lowest since December 2016, while the Nifty PSU banks index, which tracks state-owned banks, fell by 2.95 per cent with all 12 constituents in the red.

Shares in leading automaker Tata Motors Ltd fell 9.6 per cent after hitting a near 10-year low, as traders reportedly fretted over the company`s businesses in China following dismal results from Chinese auto group Geely Automobile. 

Story highlights

The broader NSE Nifty closed down 0.89 per cent at 10,919.45, while the benchmark BSE Sensex ended 0.72 per cent lower at 37,060.37.