Equity benchmark indices continued to fall for the second straight day on Monday, with the Sensex falling 617 points as selling was seen in market heavyweight Reliance Industries and negative global cues. Foreign fund outflows added to the weak market sentiment.

The BSE Sensex plummeted 617.26 points or 1.08% to close at 56,579.89. During the session, it plunged 840.28 points or 1.46% to 56,356.87.

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The broader NSE Nifty fell 218 points or 1.27% to end at 16,953.95. BSE midcap and smallcap indices lost nearly 2% each.

On the sectoral front, expect bank all other sectors closed in the red with auto, capital goods, FMCG, healthcare, IT, power, metal, oil & gas, realty down 1%-4%.

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Major laggards from the 30-share Sensex pack include Tata Steel down by 4.47%, Tech Mahindra down by 2.76%, NTPC down by 2.68%, Reliance Industries down by 2.31%, Titan down by 2.34%, ITC down by 2.28%, Larsen & Toubro down by 2.20% and Sun Pharma down by 2.07%.

Among the gainers were HDFC Bank up by 0.75%, ICICI Bank by 0.73%, HDFC up by 0.28%, Kotak Mahindra Bank up by 0.14%, Nestle up by 0.12%, Maruti Suzuki up by 0.10% and Bharti Airtel 0.04%.

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The rupee slipped 26 paise to close at 76.68 against the
US dollar.

“Global markets were painted red due to below-par earnings results, adding fresh concerns to elevated inflation, oil prices, war uncertainties and supply issue. Fear of waning demand due to prolonged covid lockdown in China led to oil prices tumbling. Continued FII selling in India along with other global uncertainties is favouring bear trend in the short-term,” said Vinod Nair, Head of Geojit Financial Services.

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Asian market peers in Tokyo, Hong Kong and Shanghai closed with significant losses.

European markets were also trading in the red during mid-session deals.

International crude oil benchmark Brent crude fell 4.44% to USD 101.92 per barrel.

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According to stock exchange data, foreign institutional investors sold shares worth Rs 2,461.72 crore on Friday.