- Equity benchmark indices tumbled nearly 1.5% on Monday due to heavy selling in large stocks.
Reliance Industries ,ICICI Bank andHDFC Bank recorded heavy selling.- The BSE
Sensex tumbled 1,272.07 points or 1.49% to settle at 84,299.78.
Besides, profit-taking after a record-breaking rally and foreign fund outflows added to the gloom, analysts said. The BSE Sensex tumbled 1,272.07 points or 1.49% to settle at 84,299.78. The NSE
Among the 30 Sensex firms, Reliance Industries and Axis Bank declined over 3% each. ICICI Bank, Nestle, Tech Mahindra, Mahindra & Mahindra, Maruti, Bajaj Finserv, State Bank of India and Tata Motors were the other major laggards. In contrast, JSW Steel, NTPC, Tata Steel, Titan and Asian Paints were the gainers.
"Global markets turned topsy-turvy under the threat of rising geopolitical risk in the Middle-East and plausible increase in Yen interest rate which can reduce cross country investments in equity. On the contrary, the Chinese market had a resurgence due to a large stimulus package and cheap valuation. India also weakened under the global pressure and premium valuation while metals are expected to outperform in the near-term," said Vinod Nair, Head of Research, Geojit Financial Services.
“The domestic benchmark indices opened negatively, aligning with weak Asian cues. Nifty started the day with a gap down, remained under pressure throughout the session, and ultimately closed on a negative note at 25,811. The volatility index, INDIA VIX, surged by 6.89%, settling at 12.79, indicating a rise in market volatility,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates.
Japan's benchmark Nikkei 225 index tanked nearly 5% on Monday. The Shanghai Composite index surged 8% amid fresh stimulus measures announcement.
European markets were trading lower. The US markets ended on a mixed note on Friday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,209.10 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.19% to USD 71.84 a barrel.
The BSE benchmark Sensex declined 264.27 points or 0.31% to settle at 85,571.85 on Friday. During the day, it climbed 142.13 points or 0.16% to reach a new record intra-day peak of 85,978.25.
The Nifty dipped 37.10 points or 0.14% to 26,178.95 after rising 61.3 points or 0.23% to an all-time intra-day peak of 26,277.35 during the session.
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