Gap-Down Open: Sensex Tanks 794 Pts, RIL Plunges 3%; 49/50 Nifty Stocks in Red

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Gap-Down Open: Sensex Tanks 794 Pts, RIL Plunges 3%; 49/50 Nifty Stocks in Red

By Malvika Gurung -- Indian equity benchmark indices started the week on a weak note, making a gap-down opening on Monday, following torrid lows in the previous week, and tracking gloomy global cues.

Benchmark gauges Nifty50 was trading 1.43% lower and Sensex lost 793.83 points or 1.45% at 9:25 am on Monday, while all sectoral indices listed under the Nifty basket were trading in the red.

Nifty Metal slumped the most by 2.5%, Nifty IT tanked 1.92%, while banking, financial and auto stocks dragged the domestic market lower. Nifty Bank fell 1.43%.

Except for SBI (NS: SBI ) Life Insurance, all the stocks listed on the 50-scrip Nifty index were trading in red at the time of writing, led by Tech Mahindra (NS: TEML ), sliding 5%, while heavyweights Tata Motors (NS: TAMO ) and Reliance (NS: RELI ) tanked almost 3% each.

The fear barometer India VIX surged 4.2% to 22.14 levels at 9:30 am, indicating swift market volatility.

Central banks globally raised interest rates aggressively last week, on account of soaring multi-year high inflation figures, aggravated by the Russia-Ukraine crisis and rising crude oil & commodity prices.

Even though the US Fed implemented a rate hike of 50bps last week, investors believe that it would not be enough to tame the sky-high inflation, with worries sparking that a 75 bps rate hike could be on the table in the June meeting despite the Fed Chair Powell ruling out its possibility.

Indian rupee fell to an all-time low, as dollar strengthened on fresh selling in riskier assets. Foreign investors have intensified their withdrawals from Indian equities, especially growth stocks, offloading Rs 6,400 crore in the first four sessions of May alone.

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