BSE Sensex crashes 503 points after early gains
The BSE Sensex crashed 503 points on Monday after early gains as investors appeared to be weighed down by the outcome of US Federal Reserve meet this week and India's retail inflation print that was released after trading hours.
Sentiments were also deflated by RBI governor Shaktikanta Das’s comments on Sunday that depositors should not chase high returns.
The benchmark Sensex opened on a good note at 59103.72 and hit an intra-day high of 59203.37.
However, selling soon set in and the index fell to a day’s low of 58242.80, plummeting around 961 points from the peak in the session.
The index later settled at 58283.42 — a fall of 503.25 points or 0.86 per cent. Similarly, the Nifty fell by 143.05 points at 17368.25.
Market circles said that the two day meeting of the US central bank which begins on Tuesday impacted sentiment. At the end of the meeting, the Fed which is facing the challenge of inflation is expected to not only quicken its bond purchases but also signal interest rate hikes.
Bajaj Finance led the list of losers in the Sensex pack falling 3.10 per cent. It was followed by Bajaj Finserv, Reliance Industries, Mahindra & Mahindra and others which cracked upto 2.28 per cent.
Meanwhile, shares of Tega Industries made a stellar debut at the bourses. The company listed on the BSE at Rs 753 — a 66.23 per cent premium over its issue price of Rs 453.