: Sensex plummets 1,024 points #finance #StockMarketNEWS #Business Mumbai: Equity benchmark Sensex crashed 1,024 points to end below the 58,000-level on Monday as investors fretted over policy tightening

Posted in: #finance #StockMarketNEWS #Business

Sensex plummets 1,024 points #finance #StockMarketNEWS #Business
Mumbai: Equity benchmark Sensex crashed 1,024 points to end below the 58,000-level on Monday as investors fretted over policy tightening by central banks amid elevated inflation.

Unabated foreign fund outflows added to the gloom, traders said.

Declining for the third straight session, the 30-share BSE Sensex plummeted 1,023.63 points or 1.75% to finish at 57,621.19. Similarly, the broader NSE Nifty slumped 302.70 points or 1.73% to 17,213.60.

The Sensex has now shed 1,937.14 points in three sessions, with the market capitalisation of BSE-listed firms plunging by over `5.82 lakh crore during the period. HDFC Bank was the top loser in the Sensex pack in Monday’s session, tumbling 3.65%, followed by L&T, Bajaj Finance, Bajaj Finserv, HDFC, Kotak Bank and Wipro.

Only five counters managed to close in the green PowerGrid, NTPC, Tata Steel, SBI and Ultratech Cement, climbing up to 1.88%.

“Domestic markets are volatile ahead of the state elections, witnessing a steep fall led by FII selling and weak global cues. US bourses were under pressure as strong US jobs data gave rise to fears of sharper than expected Fed rate hikes, resulting in a spike in the bond yields.

“The volatility in the market is likely to continue due to high chances of interest rate lift-off by the RBI given domestic inflation and policy tightening by global central banks,�? said Vinod Nair, Head of Research at Geojit Financial Services.

The Reserve Bank of India (RBI) on Sunday announced postponing the meeting of the rate-setting Monetary Policy Committee (MPC) by a day in view of Maharashtra declaring a public holiday on February 7 to mourn the death of legendary singer Lata Mangeshkar.

The MPC meeting was scheduled for February 7-9, 2022. With the postponement, the policy meeting will now begin on February 8 and the outcome would be announced on Thursday (February 10).

Sector-wise, BSE finance, capital goods, bankex, FMCG, healthcare and telecom dropped as much as 2.30%, while utilities, power and metal mustered gains. The BSE midcap and smallcap gauges skidded up to 1.25%.

Global equities were mixed after strong US jobs report raised concerns over faster rate hikes by the Federal Reserve.

Elsewhere in Asia, bourses in Tokyo and Seoul ended with losses, while Hong Kong and Shanghai were positive.

Bourses in Europe were trading with gains in mid-session deals.

International oil benchmark Brent crude fell 1.05 per cent to USD 92.29 per barrel. The forex market was closed on Monday.
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