Market declines due to foreign investor selling, weak quarter earnings
At the close, the Sensex fell by 1.2 per cent or 942 points to 78782.24, while the Nifty dropped 1.27 per cent or 309 points to 23995.35.
Domestic benchmark indices tumbled over 2 per cent on Monday led by across-the-board sell-off amid weak global cues. Further, losses in Reliance Industries, ICICI Bank and Bharti Airtel pushed the Sensex down the hill.
The S&P BSE Sensex ended 811.68 points or 2.09 per cent lower at 38,034.14 levels. Of the 30 constituents, 27 ended in red territory with IndusInd Bank being the top loser, tanked over 8 per cent.
Other losers on the Sensex pack included Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti, Axis Bank and ONGC. On the other hand, Kotak Bank, Infosys and TCS were the gainers.
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The NSE Nifty tumbled 254.40 points or 2.21 per cent to finish at 11,250.55 levels.
The sell-off in the broader market was even harsher. The S&P BSE MidCap and SmallCap ended with losses at 3.5 per cent and 3.6 per cent respectively.
According to traders, domestic equities followed the sudden selloff in global benchmarks amid concerns over rising COVID-19 cases in Europe.
Bourses in Shanghai, Hong Kong and Seoul ended significantly lower.
Stock exchanges in Europe witnessed heavy selloff in opening trade, declining up to 3 per cent.
Meanwhile, global oil benchmark Brent crude was trading 2.04 per cent lower at USD 42.27 per barrel.
In the forex market, the rupee strengthened 7 paise and closed at 73.38 against the US dollar.
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