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Stock Market Today, Share Market Updates: The benchmark equity indices on the BSE and National Stock Exchange (NSE) fell for the second consecutive session, slipping over 1 per cent on Monday taking cues from their global peers.
The S&P BSE Sensex crashed 617.26 points (1.08 per cent) to end at 56,579.89 while the Nifty 50 settled at 16,953.95, down 218.00 points (1.27 per cent). Both the indices had opened opened over 1 per cent earlier in the session and traded in the red throughout the session with the BSE benchmark hitting an intraday low of 56,356.87 and the NSE barometer touching 16,888.70.
On the Sensex pack, Tata Steel was the top loser on Monday, crashing over 4 per cent. It was followed by NTPC, Tech Mahindra, Reliance Industries (RIL), Titan Company, ITC, Sun Pharmaceutical Industries and Larsen & Toubro (L&T). In contrast, HDFC Bank, ICICI Bank, Housing Development Finance Corporation (HDFC), Axis Bank, Bharti Airtel and Nestle India were the gainers.
In the broader market, the S&P BSE MidCap index ended at 24,238.68, down 459.69 points (1.86 per cent) while the S&P BSE SmallCap settled at 28,699.35, down 548.63 points (1.88 per cent). On the NSE, the volatility index or India VIX climbed 15.82 per cent to 21.2575.
“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 Research at Geojit Financial Services.
Traders ditched riskier assets on Monday as relief over Emmanuel Macron’s French presidential election win quickly gave way to renewed concerns about the global economy and the impact on it of rising interest rates.
Asian markets suffered their worst session in over a month overnight as worries that Beijing could soon be back in lockdown sent Chinese shares back to 2020 lows, and as the effects of Wall Street’s 2.5 per cent slump on Friday lingered.
The bashing immediately continued in Europe. The STOXX 600 index dropped to its lowest since mid-March, led by 2 per cent and 1.9 per cent drops in French and German shares. The euro slid 0.7 per cent to its lowest since the initial bout of COVID-19 panic in March 2020.
MSCI’s broadest index of world shares slid 0.7 per cent to a six-week low. Oil fell over 4 per cent in commodity markets and the worries about Beijing saw the Chinese yuan skid to a one-year low.
-global market input from Reuters
