The Indian stock market’s key indices, Sensex and Nifty, slumped by nearly two per cent on Monday dragged by broad-based selling tracking weakness in the global equities.
The 30 stock S&P BSE Sensex closed 953.70 points or 1.64 per cent down at 57,145.22 points against its previous session’s close at 58,098.92 points.
Earlier, the Sensex started the day deep in the red at 57,525.03 points and slumped to a low of 57,038.24 points in the intra-day.
The Sensex closed with deep cuts for the fourth consecutive session. The Sensex had slumped by 1020.80 points or 1.73 per cent on Friday, the previous trading session.
The broader Nifty 50 of the National Stock Exchange slumped 311.05 points or 1.8 per cent to 17,016.30 points against its previous session’s close at 17,327.35 points.
The Nifty slumped for the fourth consecutive trading session. The Nifty had lost 302.45 points or 1.72 per cent on Friday.
The stock markets have slumped across the world after the US Federal Reserve on 21 September announced 75 basis points increase in policy interest rate.
There was broad-based selling. Maruti Suzuki crashed 5.49 per cent to Rs 8830.60. Mahindra & Mahindra slumped 2.86 per cent to Rs 1235. Tata Steel slumped 4.22 per cent to Rs 99.85.
The index heavyweight Reliance Industries Limited dipped 2.54 per cent to Rs 2377.50. ITC slumped 3.96 per cent to Rs 332.55.
Bajaj Finance, Axis Bank, NTPC, ICICI Bank, Power Grid Corporation, IndusInd Bank and Kotak Bank were among the major Sensex losers.
Major IT stocks closed in the positive. Infosys rose 1.06 per cent to Rs 1379.75. HCL Technologies jumped 1.28 per cent to Rs 906.90. Tata Consultancy Services closed 0.40 per cent higher at Rs 2994.75. Only seven of the 30 scrips that are part of the benchmark Sensex closed in the positive