Mumbai: Investors in Indian stock markets lost over Rs. 9 lakh crore on Monday as markets have crashed due to FII funds outflow. The Sensex crashed nearly 1,546 points.
Yesterday, the BSE Sensex started the session on a weak note and got further overwhelmed by panic selling as the trade progressed and tanked over 2,050 points to touch the day’s low at 56,984. Recouping some lost ground towards the fag-end, the index finally settled at 57,491.51 clocking a massive 1,545.67 points or 2.62 percent drop.
Likewise, the NSE Nifty slumped 468.05 points or 2.66 percent to settle at 17,149.10.
This was the biggest single-session fall for both Sensex and Nifty since November 26 last year and also the fifth straight session of loss for the indices.
On the Sensex chart, Tata Steel was the top loser, shedding around 6 percent, followed by Bajaj Finance, Wipro, Tech Mahindra, Titan, Reliance Industries, and HCL Tech.
“The Indian markets have been under significant pressure in the past few days, correcting by 7 percent from the recent highs, after a smart pullback seen since mid-December. It has been a quite broad-based correction across sectors and marketcaps, although the more expensively valued names and the recent IPO new age companies have seen a sharper cut, Milind Muchhala, Executive Director, Julius Baer, said.
The weakness largely mimics the rot in the global markets over the past couple of weeks, especially in the US markets, on continuing concerns of sticky inflation and Fed’s action/rhetoric, he added.
Elsewhere in Asia, bourses in Hong Kong and Seoul ended with losses, while Tokyo and Shanghai were positive.
Equities in Europe were witnessing intense selling pressure in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.32 percent to USD 88.17 per barrel.
On the forex market front, the rupee weakened by 17 paise to end at 74.60 against the US dollar on Monday.
With inputs from agencies
