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Bloodbath on bourses

Weaker global mkts, Q3 results, pre-Budget nervousness and IPO overvaluations trigger heavy sell-off on domestic bourses; Sensex, Nifty tank 1,546 pts & 468pts respectively, worst session in 2 mths

Markets open on a negative note

Markets open on a negative note

Broad-based Correction

- BSE Sensex lost a massive 1,545.67 pts to 57,491.51

- NSE Nifty slumped 468.05 pts to 17,149.10

- Mkt falls for 5th consecutive session

- Key indices 7% lower from the recent highs

- Mkts witnessed a smart pullback since mid-Dec

- Tata Steel was the top loser

- Bajaj Finance, Wipro, Tech Mahindra, Titan, RIL and HCL Tech among laggards

- All sectors hit rough weather

Mumbai: 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, 2021, and also the fifth straight session of loss for the indices.

On the Sensex chart, Tata Steel was the top loser, shedding around 6 per cent, followed by Bajaj Finance, Wipro, Tech Mahindra, Titan, Reliance Industries and HCL Tech.

"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. 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," said Milind Muchhala, executive director, Julius Baer.

Vinod Nair, head (research) at Geojit Financial Services, adds: "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 (Tuesday). Investors are keenly awaiting the result of the two-day Fed meeting where the US Central Bank is expected to provide more guidance on its rate hike plans."

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,148.58 crore on Friday, according to stock exchange data.

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