News

Sensex Slumps Over 600 Points, Nifty Ends Below 16,900; Metals Worst Hit

After two months of continuous buying foreign institutional investors (FIIs) turned net sellers in September. They sold shares worth Rs 7,624 crore last month, data from National Securities Depository showed

Sensex Slumps Over 600 Points, Nifty Ends Below 16,900; Metals Worst Hit
info_icon

The Indian equity benchmarks resumed decline after a day’s pause in the previous session as recession fears continue to haunt global markets. The Sensex and Nifty declined over 1 per cent at close on Monday amid weak global market trends. Continuous outflow of foreign funds also weighed on the investor sentiment, analysts said.

After two months of continuous buying foreign institutional investors (FIIs) turned net sellers in September. They sold shares worth Rs 7,624 crore last month, data from National Securities Depository showed.

Shares dropped in Europe and Asia on Monday while oil prices surged more than $3 a barrel amid dire warnings over energy shortages in Europe if Russia cuts off gas supplies.

Advertisement

Germany’s DAX fell 1 per cent to 11,998.26 while the CAC 40 in Paris shed 1.2 per cent to 5,690.88. Britain’s FTSE 100 lost 0.8 per cent to 3,305.79. On Wall Street, the future for the S&P 500 was up 0.2 per cent while the contract for the Dow industrials gained 0.4 per cent.

In its quarterly gas report, the Paris-based International Energy Agency said people will have to save at least 13 per cent over the winter if Russia cuts off the last trickle of gas that’s flowing to Europe.

Europe faces “unprecedented risks” to its natural gas supplies this winter after Russia cut off most pipeline shipments and could wind up competing with Asia for already scarce and expensive liquid gas that comes by ship, the IEA said.

Advertisement

The 30-share BSE Sensex tumbled 638 points or 1.11 per cent to settle at 56,789. During the day, it tanked as much as 743 points or 1.29 per cent to 56,683.40. The broader NSE Nifty fell 207 points or 1.21 per cent to end at 16,887.

Among the Sensex stocks, Maruti, Hindustan Unilever, IndusInd Bank, ITC, Bajaj Finance, State Bank of India and Kotak Mahindra Bank were the major laggards.

Dr Reddy's, NTPC, Bharti Airtel and Wipro were the winners.

Elsewhere in Asia, markets in Hong Kong settled lower, while Tokyo ended higher.

Stock exchanges in Europe were trading lower in mid-session deals after oil prices rose by more than $3 per barrel amid dire warnings over energy shortages in Europe. The US markets ended in negative territory on Friday.

Sensex had jumped 1,016.96 points or 1.80 per cent to settle at 57,426.92 on Friday. The Nifty climbed 276.25 points or 1.64 per cent to end at 17,094.35.

Meanwhile, the international oil benchmark Brent crude futures jumped 3.90 per cent to USD 88.46 per barrel.

Foreign institutional investors offloaded shares worth Rs 1,565.31 crore on Friday, according to data available with BSE.
 

Advertisement

Advertisement

Advertisement

Advertisement