The Indian stock markets key indices, Sensex and Nifty, plunged by around three per cent on Monday, to hit the lowest level in eight months, as oil prices soared to the highest level in 14 years and rupee plunged to record low amid worsening Russia-Ukraine crisis.
The 30 stock S&P BSE Sensex started the day deep in the red at 53,172.51 points and tumbled to a low of 52,367.10 points in the intra-day, which is 1,966.71 points lower from its previous session’s close at 54,333.81 points. The Sensex recouped part of the losses toward the end of the day and closed 1491.06 points or 2.74 per cent down at 52,842.75 points, the lowest level in eight months.
This is the fourth consecutive session of deep loss in the benchmark index. The Sensex had plunged by 768.87 points, 366.22 points and 778.38 points in the previous three sessions, respectively.
The broader Nifty 50 of the National Stock Exchange slipped below 16,000 points mark. The Nifty closed 382.20 points or 2.35 per cent down at 15,863.15 points.
Earlier, the Nifty opened deep in the red at 15,867.95 points and slumped to a low of 15,711.45 points in the intra-day.
The Nifty had lost 252.70 points on Friday, the last trading session.
There was heavy selling pressure in banking and financial stocks. IndusInd Bank crashed 7.63 per cent to Rs 834.10. Axis Bank tumbled 6.70 per cent to Rs 662.25. Bajaj Finance slumped 6.37 per cent to Rs 6122.55 and Bajaj Finserv dipped 6.27 per cent to Rs 14368.20. State Bank of India slumped 4.68 per cent to Rs 440.35.
Maruti Suzuki crashed 6.56 per cent to Rs 6769. Mahindra & Mahindra slumped 5.85 per cent to Rs 689.30.
The index heavyweight Reliance Industries slumped 3.67 per cent to Rs 2239.95.
Only four of the 30 scrips that are part of the Sensex closed in the positive. Bharti Airtel soared 3.46 per cent to Rs 675.60. HCL Technologies rose 1.38 per cent to Rs 1153.70. Tata Steel and Infosys were other Sensex gainers.