Stock Market Closing Bell: Sensex Down 361 Points; Nifty Below 17K; All Sector Red Barring FMCG

Stock Update: On the 30-share Sensex platform, HUL, ITC, Kotak Mahindra Bank, Sun Pharma were the other major gainers. On the flip side, Bajaj Finserv, Bajaj Finance, Tata Steel were among the losers

In the broader markets, BSE midcap and smallcap indices shed 1 per cent each.

Sensex and Nifty, the two key equity benchmarks, snapped two days of winning streak and closed in the red on Monday tracking weak global cues. The indices, however, recouped some of the losses in late noon deals. 

At the closing bell, the S&P BSE Sensex was down 360.95 points or 0.62 per cent at 57,628.95, and the Nifty was down 111.65 points or 0.65 per cent at 16,988.40. 

On the 30-share Sensex platform, HUL, ITC, Kotak Mahindra Bank, Sun Pharma, and Nestle India were the other major gainers. On the flip side, Bajaj Finserv, Bajaj Finance, Tata Steel, Wipro, and Tata Motors were among the losers.

Among specific stocks, Bajaj Finserv was down more than 4 per cent, followed by Adani Enterprises, Bajaj Finance, Hindalco Industries, and Wipro were among the top losers on the Nifty, while gainers were HUL, BPCL, ITC, Grasim Industries, and Nestle India.

In the broader markets, BSE midcap and smallcap indices shed 1 per cent each.

Sectorwise, excluding FMCG, all other sectoral indices ended in the negative with the realty, IT, metal, and PSU Bank down 1-2 per cent.

The BSE market capitalization fell from Rs 257.52 lakh crore to Rs 255.47 lakh crore, causing a depreciation of investor value of Rs 2 lakh crore.

In the previous session on Friday, the S&P BSE Sensex ended 355 points higher at 587,990. On the other hand, the NSE Nifty 50 moved 114 points higher and reclaimed the 17,100 level.

Equity exchanges in Europe were trading in the green reversing days sell-offs. The pan-European STOXX 600 index fell 0.8 per cent at 0807 GMT. 

In Asia, Hong Kong's Hang Seng dropped by 2.3 per cent, Tokyo's Nikkei 225 index declined 0.97 per cent and the Kospi in Seoul was down 0.39 per cent and Singapore's STI dropped by 0.87 per cent. The Shanghai Composite index added 0.24 per cent.

The US markets closed lower on Friday amid fears that the banking system may be cracking under the weight of the interest rate hikes. The S&P 500 sank 1.1 per cent, the Dow Jones Industrial Average lost 1.2 per cent, and the Nasdaq composite fell 0.7 per cent.

On Friday, foreign institutional investors (FIIs) were the net sellers and sold Indian equities worth Rs 1,766.53 crore while domestic institutional investors (DIIs) were net buyers at Rs 1,817.14 crore.

Following UBS's state-backed bailout of Credit Suisse, which resulted in massive write-downs for bondholders, shares in European banks took a beating in early trade on Monday. While UBS Group shares were recently down 12.5 per cent, Credit Suisse shares dropped more than 63 per cent. To prevent a repeat of the 2008 financial crisis, international central banks increased their efforts to increase the flow of money around the globe. 

The Rupee ended marginally lower at 82.63 per dollar against the previous close of 82.55.