Sensex Sheds 560 Points, Nifty Just Above 17,100; Titan Falls Over 2%

The mid cap and smallcap shares were trading in the negative zone as Nifty Midcap 100 index moved 1.31 per cent lower and smallcap shares shed 2.04 per cent

New Delhi: In line with their global peers, the key domestic indices, Sensex and Nifty, on Monday started trading lower amid selling pressures across all sectors.

At 9.45 am, the BSE Sensex was down 561 points to 57,271, while the NSE Nifty was at 17,136, down 139 points.

The mid cap and smallcap shares were trading in the negative zone as Nifty Midcap 100 index moved 1.31 per cent lower and smallcap shares shed 2.04 per cent.

On the Nifty platform, HDFC Life was the top loser as the stock crashed 2.28 per cent to Rs 577.50. Titan (2.49 per cent), Bajaj Finserv, Tata Consumer Products, UPL, and UltraTech Cement were also among the laggards.

On the flipside, NTPC, PowerGrid, and Dr Reddy’s were among the gainers.

Sectorally, all indices were deep in red led by losses in Nifty Realty index, down over 2 per cent. Other notable losers included Nifty Bank, Auto, Metals, FMCG, Financials, and Consumer Durables, all down 1 per cent each.

Analysts expect the market to be volatile for much of this week, ahead of the expiry of monthly F&O contracts due on Thursday. Continuing their selling spree, foreign institutional investors offloaded shares worth Rs 2,529.96 crore in the Indian capital markets on Friday, exchange data showed.

In the previous session, the BSE Sensex declined 59 points to close at 57,833, while the NSE Nifty slipped 28 points to 17,276.

Meanwhile, domestic stock markets may face volatile trading sessions this week and would be guided by global cues, movement of the rupee and crude oil prices, according to experts.

On the other hand, Asian stock markets pared sharp early losses as a glimmer of hope emerged for a diplomatic solution to the Russian-Ukraine conflict.

MSCI's broadest index of Asia-Pacific shares outside Japan pared their losses to be down 0.4 per cent, while Japan's Nikkei halved its drop to be down 0.9 per cent. Also, troubling markets has been the prospect of an aggressive tightening by the US Federal Reserve as inflation runs rampant.

Crude oil benchmark Brent Futures dropped 0.30 per cent to trade at $93.33 per barrel.