Sensex tanks over 780 points while Nifty around 16,930 in early trade

The Sensex fell 785 points in early trade on Monday, extending the previous day’s decline and reflecting an exceedingly dismal trend in Asian markets.

Foreign money outflows were also unabated, as was selling in index heavyweights Reliance Industries, Infosys, and TCS.

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The benchmark Sensex was down 785 points at 56,412.14. The Nifty fell 243.35 points to 16,928.60 on the NSE.

Hindustan Unilever, Tata Steel, IndusInd Bank, Wipro, Larsen & Toubro, Tech Mahindra, Titan, TCS, Asian Paints, and Infosys were the main laggards in early trade within the 30-share Sensex group. ICICI Bank and Maruti Suzuki, on the other hand, benefited.

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“US markets fell by more than 2 per cent on Friday while European markets also fell on Friday. Asian markets are trading in the red in Monday’s trade,” said Mohit Nigam, Head – PMS, Hem Securities.

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The Sensex fell 714.53 points, or 1.23%, to 57,197.15 on Friday, while the Nifty down 220.65 points, or 1.27%, to 17,171.95.

Markets in Tokyo, Hong Kong, Seoul, and Shanghai were trading with substantial cutbacks in mid-session deals elsewhere in Asia. Stocks in the United States closed the day substantially down as well.

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According to stock market statistics, foreign institutional investors maintained their selling binge on Friday, unloading shares worth Rs 2,461.72 crore.

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Meanwhile, Brent crude, the international oil benchmark, fell 2.88% to USD 103.58 a barrel. In early trade, the rupee is down 23 paise to 76.65 against the US dollar.