Sensex and Nifty plummeted more than 2% in the initial hour of trading on Monday, echoing extremely poor global market trends.

In early trade, the Sensex fell 1,220.76 points to 57,613.11, with all 30 of its components trading in the negative. The Nifty dropped 355 points to 17,203.90.

Also Read| Week in review: Sensex, Nifty fall on profit booking

All 30 companies in the Sensex index were trading in the negative, with Tech Mahindra, Infosys, HCL Technologies, Wipro, Tata Consultancy Services, Tata Steel, and Power Grid among the losers.

The National Stock Exchange (NSE) banned the trading of futures and options (F&O) up to zero stock/security on Monday, August 29, 2022.

Also Read| Week ahead: GDP data, rupee movement to weigh on Sensex, Nifty

All the Asian markets are trading in red with Nikkei 225 slipping 770.50 points or 2.69% to 27,870.88, Straits Times weakening 34.11 points or 1.05% to 3,215.42, Hang Seng declined 145.59 points or 0.72% to 20,024.45, Taiwan Weighted plunged 336.27 points or 2.20% to 14,942.17, KOSPI lost 57.51 points or 2.32% to 2,423.52, Jakarta Composite fell 36.60 points or 0.51% to 7,098.65 and Shanghai Composite was down by 4.48 points or 0.14% to 3,231.74.

Also Read| Bulk Deals: Rivendell sold ROLEXRINGS shares, Sahni Balvinder bought stake in PARTYCRUS

The US markets had ended significantly lower on Friday. The S&P 500 fell 141.46 points to 4,057.66. The benchmark index is now down almost 15% for the year. The Dow lost 1,008.38 points to close at 32,283.40. The last time the blue-chip average had a 1,000-point drop was in May. The Nasdaq slid 497.56 points to 12,141.71, its biggest drop since June. The Russell 2000 index of smaller companies fell 64.81 points, or 3.3%, to finish at 1,899.83.

Also Read| Asian stocks fall as US Fed hike fears weigh on investors

“Markets expected Jerome Powell to remain hawkish at Jackson Hole but the ultra-hawkish tone of the Fed chief’s message and his warnings that Fed’s policy will cause some pain to households and businesses and this is ‘the unfortunate costs of reducing inflation’ were not expected and factored in by the markets,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Also Read| Jackson Hole Symposium 2022: Economists react to Fed chair Powell’s speech

On Friday, the Sensex rose 59.15 points, or 0.10%, to 58,833.87. The Nifty gained 36.45 points, or 0.21%, to 17,558.90.

The foreign institutional investors (FIIs) sold shares worth a net Rs 51.12 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 453.59 crore in the Indian equity market on August 26, as per provisional data available on the NSE.  

Also Read| Jackson Hole Symposium 2022: 5 key takeaways from Jerome Powell’s speech

Meanwhile, Brent crude, the international oil standard, rose 0.86% to 101.9 dollars per barrel. In early trade on Monday, the rupee fell 31 paise to an all-time low of 80.15 against the dollar, mirroring the strength of the American currency and rising crude oil prices.