Monday Mayhem: Sensex Crashes, Nifty SmallCap Bleeds, Maruti Collapses 6% & More

  • Stock Market News
Monday Mayhem: Sensex Crashes, Nifty SmallCap Bleeds, Maruti Collapses 6% & More
Credit: © Reuters.

By Malvika Gurung -- The domestic market extended its rout for the fourth consecutive session on Monday amid glum global cues and rising recessionary pressures after the US Fed announced an ultra-hawkish monetary tightening policy in the upcoming months to curb the red-hot inflation.

The benchmark equity indices made a gap-down opening to the new week and tumbled almost 2% in the day. Nifty50 tumbled below the 17,000 mark for the first time since July 28 and Sensex crashed above 1,000 points. 

Nifty50 closed 1.72% lower while Sensex ended the day 953.7 points or 1.64% lower. Investors on Dalal Street lost a total of Rs 7 lakh crore from their wealth in Monday’s market mayhem.

The broader market indices painted a worse picture, as Nifty Midcap 100 crashed 3.12% and Nifty Smallcap 100 nosedived 3.4% on Monday, widely underperforming the headline indices.

Besides Nifty IT , all the sectoral indices under the Nifty umbrella ended the session deep in red, with Nifty Realty shooting down 4.25%, while Nifty Metal plunged 4.13%. Banking, financial, auto and oil & gas sectors pulled the market lower too. Nifty Bank tanked 2.5%.

The Indian rupee also tumbled to its lifetime low on Monday as the dollar index hit a fresh 20-year high.

On the Nifty50 index, auto heavyweight Tata Motors (NS: TAMO ) plunged the most, ending 5% lower, while peers Maruti Suzuki (NS: MRTI ) and Eicher Motors (NS: EICH ) were among the top laggards, tanking 4.01% and 4.5% respectively.

23 out of 30 stocks listed on Sensex ended Monday deep in red, led by Maruti Suzuki, down 5.5%.

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