People walk past the Bombay Stock Exchange building in Mumbai | Photo Credit: PTI
Benchmark indices Sensex and Nifty slipped for the seventh straight session on Monday, registering their longest running losses in the last five months, following a bearish trend in global markets amid concerns over aggressive rate hikes by developed economies. .
Fresh foreign fund outflows and losses in IT, auto and oil stocks also weighed on investor sentiment.
The BSE Sensex ended 175.58 points, or 0.30 per cent, lower at 59,288.35 with 17 stocks losing. During the day, it fell 526.29 points, or 0.88 per cent, to close at 58,937.64.
The NSE Nifty closed 73.10 points, or 0.42 per cent, lower at 17,392.70 as its 33 scrips ended in the red.
Sensex and Nifty fell for the seventh consecutive session, equaling the seven-session losing streak dating back to the last week of September last year. In seven sessions, the Sensex fell 2,031 points, or 3.4 per cent, while the Nifty fell 643 points, or 4.1 per cent, to close below the 17,400-mark.
From the Sensex pack, Tata Steel, Infosys, Tata Consultancy Services, Tata Motors, Mahindra & Mahindra, HCL Technologies, Larsen & Toubro, Bharti Airtel, Wipro and Bajaj Finance were the biggest losers.
Power Grid, ICICI Bank, Kotak Mahindra Bank and State Bank of India were among the gainers.
“Bears continued to wreak havoc in the domestic market as the latest data release from the US exacerbated existing concerns of an aggressive rate hike. Personal consumption expenditure in the US, which is the Fed’s key inflation watchdog, rose in January, prompting investors to But the pressure mounted.”Stay away from equity markets,” said Vinod Nair, Head of Research, Geojit Financial Services.
South Korea, Japan, China and Hong Kong closed with losses in Asian markets.
Europe’s stock markets were trading in the green mark. US markets closed sharply on Friday.
International oil benchmark Brent crude climbed 0.35 per cent to $83.41 a barrel.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,470.34 crore on Friday, according to exchange data.
Foreign investors turned cautious and pulled out ₹2,313 crore from Indian equities so far this month.