Markets Plunge As Sensex Cracks 495 Points, Nifty Under 11,600
Both Sensex and Nifty lost more than a percent during the day.
Equity markets witnessed heavy losses on Monday, 22 April, as both Sensex and Nifty lost more than a percent during the day.
30-share BSE Sensex lost 495.10 points to close at 38,645.18, while the broader 50-share NSE Nifty plunged 161.40 points to close at 11,591.40
Weak global cues, mixed earnings in the March quarter, weakening in rupee and soaring crude oil prices, together led to the downturn in the markets, which enjoyed a good run in the last week.
The markets were closed Friday, 19 April on account of Good Friday.
The rupee depreciated nearly 50 paise to 69.84 against the US dollar in early trade on Monday.
Brent crude futures, the global oil benchmark, was 2.06 per cent higher at $73.84 per barrel.
"After a period of significant momentum ahead of the general elections, the market may take a pause in some kind of an interim profit booking," said Joseph Thomas-Head Research, Emkay Wealth Management.
“The accelerating scenario of a slowdown in global growth as also the definitive prospects of higher fuel prices and a weaker currency may also be working on the minds of the market participants at this juncture,” he added.
All sectoral indices, with the exception of Nifty IT faced losses. The bank, auto and metal sub-indices lost close to 2 percent each.
Major IT stocks like Wipro, Infosys, HCL and Tech Mahindra managed to buck the markets’ trend and emerge as the top gainers in the trading session.
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