Mumbai: Concerns over inflation and the impending global recession sent shockwaves through the markets on Monday, sending the BSE benchmark Sensex down more than 950 points to close at a low not seen in the previous two months and the NSE Nifty plunging to settle just above the 17,000 level.
The 30-share Sensex plummeted more than 500 points at the start of trading and increased its loss as it followed the performance of weak Asian counterparts. At 57,145, the index finally closed lower by 954 points, or 1.64 percent. The NSE Nifty too made a gap-down opening and dipped under the 17,000 mark to end the day. At 17,016 it ultimately closed the session, down 311 points or 1.8 percent.
On the Sensex chart, all scrips closed in the red, with the exception of IT equities like HCL Tech, Infosys, TCS, and Wipro as well as Asian Paints and Ultratech Cement. Maruti, Tata Steel, ITC, NTPC, Axis Bank, and Bajaj Finance were the worst losses, each losing up to 5.52 percent.
The broader BSE small- and mid-cap indices fell 3.85 percent and 2.80 percent, respectively. Largecap decreased by 1.95 percent.
Due to concerns about global growth, Stock exchanges in other parts of Asia closed with significant losses.
Indian Rupee Versus US dollar: The Indian rupee weakened to a new low against the US dollar as the dollar's strength continued unabated amid indications of a longer tightening cycle by the Federal Reserve, dealers said. Compared to Friday's close of 80.99/USD, the domestic currency closed today at all-time low of 81.62. During the day, it hit an all-time low of 81.65 per US dollar.