Stock Market: On Monday, the key benchmark indices dropped more than 900 points due to weakness in I.T. sharI.T. and FMCG shares.
Close: The Sensex fell 949.32 points, or 1.65%, at 56.747.14, while the Nifty dropped 284.40 points, or 1.65%, at 16,912.30. 1340 shares advanced, 48 shares declined, and 165 shares remain unchanged.
All other stocks below Nifty50, except UPL, ended in the red.
Tata Consumer Products and Tata Coal India were the top Nifty losers. HCL Technologies was also among them.
Bajaj Finserv and IndusInd Bank were the most significant losers among Sensex-30 stocks. The former fell 3.7%, while the latter dropped 3.3%. Bharti Airtel dropped 3%, while Reliance Industries fell 1.8 percent.
TCS, HCL Technologies and Tech Mahindra were all down 2.5-2.9 percent. Other notable losers were Dr. Reddy’s, Asian Paints Maruti, NTPC, and Dr. Reddy’s. All Sensex 30 stocks finished in the negative zone.
The BSE IT index topped 2.5 percent among all sectors. On the other hand, the Energy and Telecom indices fell 2 percent each.
Other major losers were FMCG, Healthcare, Auto and Realty indexes, which fell more than 1.5 percent.
Anand Rathi Wealth IPO was subscribed 7.2 times in the primary market on the last day of the offer. The retail section received bids of up to 7.5x and wealthy investors 15,4 times. Also, the QIB quota was fully subscribed.
Monday’s rupee plunged 30 points to close at 75.42 (provisional) against the U.S. doll U.S. This was in response to the massive erosion of domestic stocks, as worries over the Omicron variant weighed heavily on sentiment.
After sharp losses last week, oil stocks drove a rebound in European stocks. However, investor sentiment was impacted by fears about the Omicron variant of the U.S. moU.S.ry outlook and heightened investor anxiety.
As of 0818 GMT, the pan-European STOXX 600 rose 0.7% and the energy sector climbed 1.4%. After Saudi Arabia, the world’s largest exporter of crude oil, raised prices for its crude oil sold to Asia and America, oil prices rose more than $1 per barrel.
Evergrande was back in headlines Monday after a statement by Chinese property developers Friday claiming that creditors had demanded $260million and that it couldn’t guarantee sufficient funds.
The Chinese government summoned Evergrande’s Chair.
The PBoC has intensified its criticisms of Evergrande, accusing it of ‘poor management and pursuing ‘blind expansion. Chinese state media reported that Beijing would reduce banks’ reserve requirements ratios ‘on time, which was slight support for blue-chip companies in mainland China.