By Malvika Gurung
Investing.com -- 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.
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%.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.