Sensex tanks over 1,200 points to go below 58,000-mark
Sensex crash: A global sell-off in technology stocks as investors worried about high inflation and braced for tighter monetary policies triggered a slide in Indian technology names last week.
The Sensex on Monday tanked by more than 1,200 points, hours after opening into red, slipping below the 58,000-mark. It was trading at 57,797 at the time of writing this report. The equities markets has witnessed heavy selling pressure for five consecutive sessions now.
The Sensex opened in the red at 59,023.97 points and tumbled to a low of 58,250.89 points in the early trade on Monday morning.
The Sensex had lost 2,271 points last week.
Meanwhile, the broader Nifty 50 of the National Stock Exchange slumped to 17,383.55 points, which is 233.60 points or 1.33 per cent lower from its previous session's close at 17,617.15 points.
There was broad-based selling pressure. Only six of the 30 scrips that are part of the Sensex were trading in the positive. Among these are ICICI Bank, Bharti Airtel and Reliance Industries.
Bajaj Finance tumbled 4.33 per cent to ₹7052.55. Tech Mahindra slumped 4.17 per cent to ₹1527.75. Wipro dipped 3.90 per cent to ₹581.60.
Tata Steel 3.46 per cent down at ₹1128.65; Titan 3.37 per cent down at ₹2443.60; Asian Paints 3.16 per cent down at ₹3169.50; Bajaj Finserv 2.96 per cent down at ₹15849.85; HCL Technologies 2.25 per cent down at ₹1141.55 and Infosys 2.06 per cent down at ₹1749.30 were among the major Sensex losers.
Food delivery platform Zomato crashed 19% and online retailer Nykaa tumbled 11.2%, hitting their lowest since 2021 debuts.
A global sell-off in technology stocks as investors worried about high inflation and braced for tighter monetary policies triggered a slide in Indian technology names last week.
Investors now look forward to this week's Federal Reserve meeting where the US central bank is expected to confirm it would soon start draining the massive lake of liquidity that has boosted growth stocks in recent years.
