Stock Market: Sensex Crashes 1,457 Points, Nifty Ends Below 15,800 Tracking Weak Global Cues

Stock update: The main losers were Bajaj Finserv, IndusInd Bank, Bajaj Finance, Hindalco, Tech M, Tata Motors, ICICI Bank, Adani Ports, NTPC, and TCS on the BSE

The two key equity benchmarks, Sensex and Nifty, on Monday closed their trading after a global rout that caused the indices plunged sharply.

The BSE Sensex tumbled 1,776 points intra-day before closing at 52,847, down 1,457 points or 2.68 per cent. The Nifty50, on the other hand, fell 427 points, or 2.64 per cent, to settle at 15,774. The index touched a low of 15,684 in intra-day trade.

Whereas the bond yields rose and currencies of emerging markets’ also hit fresh lows against the US dollar.

On the BSE platform, Nestle India was the only Nifty50 firm that ended 0.5 per cent higher.

The main losers were Bajaj Finserv, IndusInd Bank, Bajaj Finance, Hindalco, Tech M, Tata Motors, ICICI Bank, Adani Ports, NTPC, and TCS. All these stocks declined between 4 and 6.7 per cent.

In the broader markets, the Nifty Midcap 100 and Smallcap 100 declined 2.9 per cent and 3.8 per cent, respectively.

Sectorwise, all the indices sunk on the NSE with the Nifty IT and Media indices sliding 4 per cent each, and the Nifty Bank tanking over 3 per cent.

In its previous trading on Friday, the BSE benchmark index had ended 1,016 points (1.84 per cent) lower at 54,303, while the broader NSE Nifty plunged 276 points (1.68 per cent) to 16,201.

Asian stocks sank on Monday, and bond yields ticked higher, with Chinese blue chips dropping 0.84 per cent and Hong Kong's Hang Seng suffering a 2.9 per cent slide. Elsewhere in Asia, markets in Seoul, Tokyo, and Shanghai were trading with deep cuts in mid-session deals. Stock exchanges in the US ended sharply lower on Friday.

"The near-term market trend is weak. The May US inflation print at 8.6 per cent against the market expectation of 8.3 per cent is likely to turn the Fed more hawkish. Such a scenario would be negative for risky assets like equity, particularly in the context of declining global growth. The Indian market will stabilize only when the US market stabilises," V K Vijayakumar, chief investment strategist at Geojit Financial Services told the PTI.

Meanwhile, international oil benchmark Brent crude fell 1.37 per cent to $120.31 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,973.95 crore on Friday, as per exchange data.