Sensex crashes 1,546 points; biggest plunge since Nov 26

People walk past the bronze statue of a bull at the entrance of Bombay Stock Exchange building at Fort on September 24, 2021. Pic/AFP

The domestic equity market on Monday logged the steepest single-day drop in about two months, with the benchmark Sensex crashing nearly 1,546 points to crack below the 58,000-level due to panic selling across counters tracking subdued global stocks.

The BSE Sensex started the session on a weak note and got further overwhelmed by panic selling as the trade progressed and tanked over 2,050 points to touch the day's low at 56,984. Recouping some lost ground towards the fag-end, the index finally settled at 57,491.51 - clocking a massive 1,545.67 points or 2.62 per cent drop.

Likewise, the NSE Nifty slumped 468.05 points or 2.66 per cent to settle at 17,149.10.

This was the biggest single-session fall for both Sensex and Nifty since November 26 last year and also the fifth straight session of loss for the indices.

"The Indian markets have been under significant pressure in the past few days, correcting by 7 per cent from the recent highs, after a smart pullback seen since mid-December. It has been a quite broad-based correction across sectors and marketcaps, although the more expensively valued names and the recent IPO new age companies have seen a sharper cut," Milind Muchhala, Executive Director, Julius Baer, said.

The weakness largely mimics the rot in the global markets over the past couple of weeks, especially in the US markets, on continuing concerns of sticky inflation and Fed's action/rhetoric, he added.

Vinod Nair of Geojit Financial Services, said, "Sell-off in global markets, weak Q3 results and pre-budget nervousness triggered heavy sell-off in the domestic bourses as risk sentiment took a blow ahead of the FOMC meeting starting tomorrow."

468
No. of points that NSE NIFTY lost on Monday

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