Benchmark BSE Sensex tanked 824 points to settle at a fresh seven-month low on Monday following heavy selling in IT and oil & gas shares amid weak global trends.
Photograph: Arko Datta/Reuters
The 30-share BSE barometer plunged by 824.29 points or 1.08 per cent to close at 75,366.17 with 23 of its constituents ending lower and seven with gains.
During the day the index moved between a high of 75,925.72 and a low of 75,267.59.
The broader 50-share Nifty dropped by 263.05 points or 1.14 per cent to close at 22,829.15, tanking below the 23,000-level for the first time since June 6, 2024.
IT, telecom, utilities, power, consumer durables, oil and gas and healthcare sector shares were major losers as investor sentiment was hit by uncertainty over US trade policy.
US President Donald Trump announced 25 per cent tariffs on Colombia after the latter blocked planes carrying deported migrants. The US reversed the decision after Colombia, a close US ally, agreed to take back deported migrants.
Among Sensex shares, HCL tech fell the most by 4.49 per cent followed by Zomato, Tech Mahindra, PowerGrid and Tata Motors.
Shares of Infosys, Tata Steel, HDFC Bank, Reliance Industries and Bharti Airtel also declined, dragging the index to more than seven-month lows.
ICICI Bank, however, bucked the trend and rose 1.39 per cent following upbeat third-quarter results. Hindustan Unilever, M&M, SBI and L&T were among the other gainers.
In Asian markets, Shanghai and Tokyo closed lower due to weak manufacturing data.
European markets also traded lower in early sessions with Germany’s DAX dropping 1.1 per cent, the CAC 40 in Paris falling 0.8 per cent and Britain’s FTSE 100 by 0.3 per cent. US stocks in futures trade also declined.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,758.49 crore on Friday, according to exchange data.
Global oil benchmark Brent crude edged up 0.22 per cent to $78.67 a barrel.
