Sensex Crashes Over 1,300 Points, Nifty Below 17,000 As Banks Drag
The BSE Midcap and Smallcap indices were also deep in the negative zone, down 2.7 per cent and 3.15 per cent, respectively
New Delhi: The key Indian equities benchmark, Sensex and Nifty, declined sharply in early trade on Monday, mostly due to weak global cues across all sectors.
At 9.45 am, the BSE Sensex crashed 1,340 points to 56,811, while the broader Nifty was down 403 points at 16,971.
Asian shares fell as warnings Russia could invade Ukraine at any time sent oil prices to seven-year peaks. The United States on Sunday said Russia might create a surprise pretext for an attack, as it reaffirmed a pledge to defend ‘every inch’ of NATO territory.
At the same time, markets have been in convulsions since an alarmingly high US inflation reading sparked speculation the Federal Reserve might raise rates in March.
On the 30-share Sensex platform, barring TCS (up 2.39 per cent), all other stocks slipped in to the red, led by SBI, IndusInd, Tata Steel, ICICI Bank, L&T, M&M, Axis Bank, Bajaj Finance, Maruti, and others.
On the Nifty, ONGC (up 2 per cent) was the other sole gainer, while, JSW Steel, HDFC Life, and Tata Motors were the losers.
TCS was the sole gainer on the Sensex after the IT services firm on Sunday said the members of the company had approved the buyback of shares worth up to Rs 18,000 crore by passing a special resolution through postal ballot.
In the broader markets, the BSE Midcap and Smallcap indices were also deep in the negative zone, down 2.7 per cent and 3.15 per cent, respectively.
In the previous session, Sensex had plunged 773 points to close at 58,153 on Friday, while Nifty had settled 231 points lower at 17,375.
Meanwhile, the rupee plunged by 21 paise to a nearly seven-week low of 75.36 against the US currency on Friday on forex outflows and a strong dollar after a spike in inflation in the US boosted expectations of an aggressive rate hike by the Federal Reserve.
Forex traders said muted domestic equities, sustained foreign fund outflows and elevated crude oil prices weighed on the local unit, which declined for a fourth straight day losing a total of 67 paise against the greenback.
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