Sensex tanks 872pts, Nifty gives up 17,500 amid global sell-off; ITC shines



Stock market highlights: 

Investors chose to dump equities on Monday as global macro-economic concerns resurfaced. The S&P BSE Sensex slumped nearly 900 points intra-day before closing at 58,774, down 872 points or 1.46 per cent. All but ITC and Nestle India settled in the negative zone on the 30-pack index.

Tata Steel fell over 4 per cent, while Asian Paints, Wipro, L&T, Bajaj twins, Ultratech Cement, Kotak Bank, Axis Bank, Sun Pharma, Tech M, ICICI Bank, and SBI declined in the range of 2-3.8 per cent.

On the NSE, the Nifty50 settled below the crucial level of 17,500 at 17,491, down 268 points or 1.51 per cent. The broad-based sell-off was led by the Nifty Metal index (down 3 per cent), the Nifty Realty index (2.7 per cent), and the Nifty PSB index (2.2 per cent).

ALSO READ: Should you fret over the recent market sell-off? Here’s what charts suggest

In the broader markets, the BSE MidCap index skidded nearly 2 per cent, while the BSE SmallCap index ended 1.15 per cent lower.

Global markets

European markets retreated on Monday as fears of more aggressive interest rate hikes from the Federal Reserve and the European Central Bank returned to the fore.

ALSO READ: FOMO or attractive valuation? What drew FIIs back to Indian equities?

The pan-European Stoxx 600 slipped 1.2 per cent by mid-morning, with autos falling 2.8 per cent to lead losses as all sectors and major bourses traded in negative territory. 

On Wall Street, Nasdaq Futures led the losses with over 1 per cent cut. Earlier in Asia, Nikkei gave up 0.47 per cent, Kospi 1.2 per cent, and and Hang Seng 0.6 per cent. 

Free weekly Newsletter

A weekly breakdown of forecasts and trends

Enter your contact info to get The Financial Gambits VIP Newsletter for FREE.

We hate spam as much as you, if you dont like it just unsubscribe and we will never bother you again