Indian markets reversed gains to end 2 percent lower on Monday after tensions between India and China border near Ladakh escalated. Indian army informed that Chinese troops violated the earlier agreement and carried out provocative military movements to change the status quo on the nights of August 29-30.

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The army further said that Indian soldiers pre-empted the People’s Liberation Army (PLA)’s activity on the southern bank of Pangong Tso and undertook measures to strengthen positions and thwart Chinese intentions.

Post the announcement, the Sensex fell as much as 1614 points from the day's high. It ended 839 points lower at 38,628 while the Nifty fell 260 points to settle at 11,387.

The sentiment was also weighed ahead of the June quarter GDP data today. Experts expect the GDP growth to contract for the April-June period due to the nationwide lockdown implemented to contain the COVID-19 pandemic.

Broader markets also suffered badly with the Nifty Smallcap plunged 4.6 percent and Nifty Midcap down 4 percent. India VIX, which measures fear and volatility in the market, jumped 27 percent today.

Only 2 stocks on the Nifty50 index were in the green during the day - ONGC and. Meanwhile, Sun Pharma, SBI, Zee, Cipla, and Bajaj Finserv led the losses, down over 5 percent each.

All sectors were also in the red. Metal and pharms indices shed over 4.3 percent and 5.2 percent, respectively, while Nifty Auto was down 3.6 percent. Nifty Bank also lost 3.5 percent for the day.

First Published:Aug 31, 2020 3:35 PM IST