The BSE benchmark Sensex lost 1,220.76 points, while the NSE Nifty lost 355 points in early trade on Monday.
The BSE benchmark Sensex lost 1,220.76 points, while the NSE Nifty lost 355 points in early trade on Monday.
Benchmark indices went into a tailspin in early trade on Monday, as they fell more than 2%, reflecting extremely weak global market trends.
The BSE benchmark Sensex closed 1,220.76 points lower at 57,613.11 in early trade, with all its 30 constituents trading in the red. NSE Nifty closed 355 points lower at 17,203.90. Both indices fell over 2%.
Read also | The rupee fell to an all-time low of 80.15 against the US dollar in early trade
Firms including Tech Mahindra, Infosys, HCL Technologies, Wipro, Tata Consultancy Services, Tata Steel and Power Grid were all trading in the red in the 30-share Sensex pack.
Asian markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the red in mid-session deals.
On Friday, the US markets closed down significantly.
“Markets expected Jerome Powell to remain bullish on Jackson Hole, but the Fed chief’s message and the ultra-hawkish tone of his warnings that the Fed’s policy will ’cause some pain for homes and businesses’ and that it will ‘reduce inflation. “Unfortunate cost of doing so is not expected and is factored in by the markets,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
On Friday, the BSE benchmark ended 59.15 points or 0.10% higher at 58,833.87. Nifty closed 36.45 points or 0.21% higher at 17,558.90.
Meanwhile, international oil benchmark Brent crude climbed 0.86% to 101.9 per barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 51.12 crore on Friday, according to exchange data.