Indian benchmark indices closed sharply lower on Monday, October 19, snapping a two-day rally. The BSE Sensex tumbled 876.37 points, or 1.17 per cent, to settle at 73,852.90, after falling as low as 73,708.54 during the session. The NSE Nifty 50 dropped 257.20 points, or 1.11 per cent, to end at 22,888.95.

Selling was led by private banks and information technology stocks: the Nifty Private Bank index fell about 1.9 per cent, with Axis Bank down about 4 per cent among the biggest losers, while the Nifty IT index fell over 1 per cent. UltraTech Cement, Infosys, Bajaj Finance and Trent were also among the laggards.

The Nifty PSU Bank index was the only major sectoral gainer, rising 2.41 per cent, and State Bank of India, Adani Ports, Larsen & Toubro, InterGlobe Aviation and Maruti Suzuki were among the gainers.

Analysts cited profit-booking after last week's roughly 3 per cent rally, quarterly earnings that missed expectations, and Brent crude trading near USD 108.50 a barrel. The rupee closed 3 paise lower at 94.92 against the US dollar (provisional). Foreign institutional investors had bought equities worth Rs 1,165.92 crore on Friday, according to exchange data.

Sources: PTI, ANI, HDFC Sky market close report.