Indian stock benchmarks fell sharply on Monday as deals open amid weak signals from global markets. Asian markets got off to a shaky start today as US stock futures slipped early on concerns over interest rates. Investors also became nervous during a lockdown in Shanghai, fueling fears about global economic growth and a possible recession. Speculation that Russian President Vladimir Putin could declare war on Ukraine further hurt market sentiment.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) pointed to a gap-down start for domestic indices.
The 30-share BSE Sensex plunged 701 points or 1.28 percent to 54,136 in early trading, while the broader NSE Nifty fell 192 points or 1.17 percent to trade at 16,219.
Mid and small cap stocks were negative as Nifty Midcap 100 fell 1.63 percent and small cap fell 1.74 percent.
All 15 sector gauges – compiled by the National Stock Exchange – were in the red. Nifty Private Bank, Nifty Consumer Durables and Nifty IT underperformed the index, falling 1.82 percent, 1.81 percent and 1.72 percent, respectively.
On the stock-specific front, Tech Mahindra was the biggest loser as the stock cracked 4.53 percent to Rs 1,232.25. Hindalco, IndusInd Bank, Tata Motors and Axis Bank were also among the losers.
Overall market size was weak as 782 shares rose while 890 fell on BSE.
On the 30-stock BSE index, TechM, Tata Steel, IndusInd Bank, Reliance Industries, Wipro, TCS, Axis Bank, SBI and L&T were among the biggest laggards.
In contrast, Bharti Airtel traded in green.
Sensex was down 867 points, or 1.56 percent, to 54,836 on Friday, while Nifty was down 271 points, or 1.63 percent, to 16,411.