Indian equity benchmarks continued their losing streak on
Monday, with the Sensex plummeting 1,457 points and the Nifty declining to the
15, 774 level, following an extremely weak trend in global markets along with
unrelenting foreign fund outflows. Heavy selling hurt index majors like ICICI
Bank, Infosys, and Reliance Industries.

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The BSE Sensex plunged 1,456.74 points or 2.68% to settle
at 52,846.70. During the day, it plummeted 1,776.36 points or 3.27% to
52,527.08. The Nifty plunged 427.40 points or 2.64% to close at 15,774.40.

The broader indices ended in red with the BSE Mid cap
index down by 2.73%, while the Small cap index was down by 3.15%. On the
sectoral front, IT was down by 3.92%, TECK down by 3.45%, Metal down by 3.39%,
Industrials down by 3.35%, PSU down by 3.34%, while there were no gaining
sectoral indices on the BSE.

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Major laggards in the Sensex pack were Bajaj Finserv down
by 7.02%, Bajaj Finance down by 5.44%, IndusInd Bank down by 5.27%, Tech
Mahindra down by 4.84%, ICICI Bank down by 4.46%, TCS down by 4.31%, NTPC down
by 4.09%, Infosys down by 3.58%, SBI down by 3.44% and Larsen down by 3.35%.

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The only gainer was Nestle up by 0.46%.

The BSE Sensex had ended 1,016.84 points or 1.84% lower
at 54,303.44 on Friday. The NSE Nifty had plunged 276.30 points or 1.68% to
16,201.80.

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The rupee fell 20 paise to close at an all-time low of 78.13 against the US dollar.

Among Asian markets Seoul, Tokyo, Hong Kong and Shanghai
settled with deep losses.

European markets were also facing heavy selling pressure
in mid-session deals.

US stock exchanges ended sharply lower on Friday.

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“Weak global cues ahead of the Fed meet painted
benchmark indices here in a sea of red as street awaits CPI data today on a day
when the rupee hit a new low. The risk-off mode in equities globally after the
US inflation print raised fears of an aggressive rate hike…” said S
Ranganathan, Head of Research at LKP Securities.

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Brent crude, the international oil benchmark fell 0.98% to
USD 120.75 per barrel.

According to stock exchange data, foreign institutional
investors (FIIs) remained net sellers in the capital market, as they sold
shares worth Rs 3,973 crore on Friday.