Sensex crashes nearly 1400 points while Nifty around 15,800 in early trade
Sensex was down 1,394.17 points at 52,909.27 while Nifty fell 399.55 points to 15,802.25
Rupee fell 36 paise to an all-time low of 78.29 against the US dollar
Brent crude slipped 1.37% to USD 120.31 a barrel
Following sluggish global markets and continuous foreign investment withdrawals, the Sensex fell another 1,394 points in early trade on Monday, while the Nifty fell to the 15,800 level.
Weakness in index heavyweights Reliance Industries and ICICI Bank dragged on domestic equity markets as well.
Sensex was down 1,394.17 points at 52,909.27. The Nifty fell 399.55 points to 15,802.25.
In early trade, all 30 companies in the Sensex pack were trading down, with Bajaj Finserv, Bajaj Finance, ICICI Bank, State Bank of India, Reliance Industries, Kotak Mahindra Bank, Tech Mahindra, and IndusInd Bank emerging as prominent laggards. On Friday, Sensex closed 1,016.84 points, or 1.84% down, at 54,303.44. The NSE Nifty fell 276.30 points, or 1.68%, to 16,201.80.
On Friday, stock markets in the United States finished substantially down.
"The near-term market trend is weak. The May US inflation print at 8.6 per cent against the market expectation of 8.3 per cent is likely to turn the Fed more hawkish.
"Such a scenario would be negative for risky assets like equity, particularly in the context of declining global growth. The Indian market will stabilize only when the US market stabilises," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
According to exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Friday, selling shares worth Rs 3,973.95 crore.
Meanwhile, Brent crude, the international oil benchmark, slipped 1.37% to USD 120.31 a barrel. In early trade on Monday, the rupee fell 36 paise to an all-time low of 78.29 against the US dollar, reflecting the strength of the American currency overseas as investors rushed to the safe-haven currency amid an overall risk-averse mood.