Indian benchmark indices continued their losing streak on Monday, with the Sensex trembling nearly 365 points amid a sell-off in global markets and a decline in shares of index heavyweight Reliance Industries.

The continuous outflow of foreign funds and the rupee hitting an all-time low also weighed on the market sentiment.

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The BSE Sensex closed 364.91 points or 0.67% lower at 54,470.67. During the day, it plunged 917.56 points or 1.67% to 53,918.02.

The NSE Nifty tanked 109.40 points or 0.67% to finish at 16,301.85.

Oil & gas, FMCG, realty, power, metal and PSU Bank indices fell 1-2%. BSE midcap and smallcap indices fell nearly 2% each.

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Major laggards from the 30-share pack include Reliance Industries down by 3.97%, IndusInd Bank down by 2.97%, Nestle down by 2.88%, Tata Steel down by 2.48%, Tech Mahindra down by 2.33%, SBI down by 1.79%, Hindustan Unilever down by 1.58% and ITC down by 1.42%.

Among the gainers were Power Grid Corp up by 2.83%, HCL Tech up by 2.44%, Infosys up by 1.73%, Maruti Suzuki up by 1.32%, and Bajaj Finserv up by 1.25%.

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The rupee extended losses and slipped 60 paise to settle at a record low of 77.50 against the US dollar.

“The market continued its downward rally amid lingering concerns over the weakening rupee, global interest rate hikes and tightening lockdowns in China. The relentless rise in the US dollar index owing to interest rate hikes and rising US treasury yield hammered investors’ risk appetite. Strong US jobs data indicated possibilities of faster rate hikes forcing investors to opt for safe-haven assets,” said Vinod Nair, Head of Research at Geojit Financial Services.

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Asian market peers in Tokyo and Seoul settled lower, while Shanghai ended higher. Hong Kong stock market was closed for a holiday.

European markets were also trading lower in the afternoon session.

US stock exchanges had closed lower on Friday.

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Brent crude, the international oil benchmark, declined 1.17% to USD 111 per barrel.

According to stock exchange data, foreign institutional investors sold shares worth a net Rs 5,517.08 crore on Friday.