Sensex nosedives 1,024 pts; Nifty tests 17,200


Photo source: PTI

Sensex 1,024 points; Nifty test 17,200

Highlights

  • The equity benchmark Sensex fell 1,024 points to close below the 58,000-level on Monday
  • The 30-share BSE Sensex fell 1,023.63 points, or 1.75 per cent, to 57,621.19.
  • Similarly, the NSE Nifty declined by 302.70 points, or 1.73 per cent, to 17,213.60.

The equity benchmark Sensex tumbled 1,024 points to end below the 58,000-level level on Monday, tracking a heavy sell-off in banking and financial stocks despite a broadly stable trend in global markets. Concerns over uninterrupted foreign capital inflows have also affected market sentiment, traders said.

Benchmark indicators started the session weaker as investors maintained cautious assets ahead of the RBI’s policy meeting. However, they also said that the selling pressure has deepened in the afternoon transaction.

The 30-share BSE Sensex fell 1,023.63 points, or 1.75 per cent, to 57,621.19. Similarly, the NSE Nifty declined by 302.70 points, or 1.73 per cent, to 17,213.60.

HDFC Bank was at the top of the Sensex pack, down more than 3.5 per cent, followed by Bajaj Finance, L&T, HDFC, Bajaj Finserv, HDFC and Kotak Bank.

On the other hand, Powergrid, NTPC, Tata Steel, SBI and Ultratech Cement rose 1.88 per cent. Among the Sensex components, 25 stocks closed lower and five were green. Elsewhere in Asia, markets in Tokyo and Seoul ended with losses, while Hong Kong and Shanghai were positive. European equities were trading with gains in mid-term trading.

International oil benchmark Brent crude fell 1.05 percent to USD 92.29 a barrel. The Reserve Bank of India (RBI) on Sunday rescheduled the rate-setting Monetary Policy Committee (MPC) meeting on Sunday as Maharashtra declared 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 adjournment, the meeting will now begin on 8 February and the results will be announced on 10 February. Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 2,267.86 crore on Friday, according to the stock exchange.

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