Following a sell-off in global markets and a drop in shares of index heavyweight Reliance Industries, equity benchmarks continued to take a beating on Monday, with the Sensex falling nearly 713 points in early trade.
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Foreign fund outflows have continued unabated, and crude oil prices have remained firm.
In early trade, the 30-share BSE Sensex fell 713.49 points to 54,122.09. The Nifty fell 248.7 points to 16,162.55 on the NSE.
Tech Mahindra, Reliance Industries, IndusInd Bank, Tata Steel, TCS, Bajaj Finance, Axis Bank, and State Bank of India were among the Sensex pack’s early laggards. The sole gainer among the 30 stocks was Power Grid.
Markets in Tokyo and Korea were trading down in Asia, while Shanghai was trading slightly higher.
Asian markets got off to a rocky start on Monday as US stock futures fell early on rate worries, while a tighter lockdown in Shanghai fuelled concerns about global economic growth and a possible recession,” said Deepak Jasani, HDFC Securities’ Head of Retail Research.
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On Friday, stock exchanges in the United States fell.
Meanwhile, Brent crude, the worldwide oil benchmark, rose 0.46 percent to USD 112.92 a barrel.
According to stock exchange statistics, foreign institutional investors sold shares worth Rs 5,517.08 crore on Friday.
On Friday, the Sensex fell 866.65 points, or 1.56 percent, to 54,835.58.
The Nifty Index fell 271.40 points, or 1.63 percent, to 16,411.25.
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