The Sensex fell more than 1,200 points after opening hours, falling below the 58,000 mark. It is currently trading at 57,797. Stocks saw heavy selling pressure for the fifth straight session.
The Sensex opened in the red at 59,023.97 and fell to a low of 58,250.89 in early Monday trade.
The Sensex gained 2,271 points last week.
Meanwhile, the Nifty 50 index of the National Stock Exchange fell to 17,383.55 points, down 233.60 points or 1.33% from the previous close of 17,617.15 points.
There is widespread selling pressure. Of the 30 stocks on the Sensex, only 6 are trading actively. These include ICICI Bank, Bharti Airtel and Reliance Industries.
Bajaj Finance fell 4.33 percent to Rs 7,052.55. Tech Mahindra fell 4.17 percent to Rs 1,527.75. Wipro fell 3.90 percent to Rs 581.60.
Tata Steel fell 3.46% to Rs 1,128.65; Titan fell 3.37% to Rs 2,443.60; Asian Paints fell 3.16% to Rs 3,169.50; Bajaj Finserv fell 2.96% to Rs 15,849.85; HCL Technologies fell 2.25% to Rs 1,141.55, Infosys A 2.06 percent fall to Rs 1,749.30 was one of the Sensex’s key losers. Food delivery platform Zomato fell 19% and online retailer Nykaa slumped 11.2%, hitting its lowest level since its 2021 debut.
Last week, a sell-off in global tech stocks triggered a slide in Indian tech stocks as investors worried about high inflation and prepared to tighten monetary policy.
Investors are now looking forward to this week’s Federal Reserve meeting, where the central bank is expected to confirm that it will soon begin pumping out the massive liquidity lake that has boosted growth stocks in recent years.
Complete News Source : Hindustan Times
