Sensex Plunges Over 700 Points On Weak Global Cues, Nifty Trades Below 16,250

Today Sensex and Nifty started with a fall.

New Delhi:

Indian equity benchmarks fell sharply in opening deals on Monday amid weak cues from global markets. Asian markets opened on a weak note today amid an early fall in US stock futures on interest rate concerns. Investors also panicked amid the lockdown in Shanghai, allaying fears of global economic growth and a possible slowdown. Speculation that Russian President Vladimir Putin may declare war on Ukraine may further hurt market sentiment.

Trends in Nifty futures on the Singapore Exchange (SGX Nifty) indicated a gaping opening for the domestic indices.

The 30-share BSE Sensex closed 701 points or 1.28 per cent lower at 54,136 in early trade, while the broader NSE Nifty was trading 192 points or 1.17 per cent lower at 16,219.

Mid- and small-cap stocks were negative as Nifty Midcap 100 shed 1.63 per cent and Small-cap 1.74 per cent.

All the 15 sector gauges compiled by the National Stock Exchange were trading in the red. Nifty Private Bank, Nifty Consumer Durables and Nifty IT were the worst performers in the index, falling 1.82 per cent, 1.81 per cent and 1.72 per cent, respectively.

On the stock-specific front, Tech Mahindra was the top loser as the stock was down 4.53 per cent at Rs 1,232.25. Hindalco, IndusInd Bank, Tata Motors and Axis Bank were also among the losers.

Overall market breadth remained weak as 782 stocks were rising while 890 were falling on BSE.

TechM, Tata Steel, IndusInd Bank, Reliance Industries, Wipro, TCS, Axis Bank, SBI and L&T were the top gainers in the 30-share BSE index.

In contrast, Bharti Airtel was trading in the green.

On Friday, the Sensex closed 867 points or 1.56 per cent lower at 54,836, while the Nifty was down 271 points or 1.63 per cent at 16,411.

Source

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