Indian shares fell sharply on Monday on the back of weak global sentiment, as investors braced for a hawkish update from the Federal Reserve policy meeting this week and remained concerned about a possible Russian attack on Ukraine.
Benchmark indexes Sensex and the Nifty fell the most in nine months during intraday before recovering some of the losses by the end of the day.
The 30-share Sensex hit as low as 56,984.01 before closing down 1,545.67 points, or 2.62 percent, at 57,491.51 – extending the sell-off to the fifth straight session.
The broader NSE Nifty index ended down 468.05 points, or 2.66 percent, at 17,149.10, posting its worst drop in two months.
Commodity-related stocks and financials led the losses, with Hindalco, Grasim, Tata Steel, Bajaj Finance and JSW Steel tumbling 6-7 percent.
Drug maker Cipla rallied 2.9 percent after Credit Suisse upgraded its rating on the stock to ‘outperform’ from ‘neutral’.
ONGC rose nearly 1 percent, tracking higher oil prices amid elevated geopolitical risks in Europe and the Middle East.
Sensex, Nifty See Worst Drop In Two Months
2022-01-24 10:54:20
