Indian shares extended their losing streak for the third straight session on Monday, with banking, financials and fast-moving consumer goods (FMCG) stocks pacing the decliners.
FII selling and weak global cues weighed on investor sentiment after a much stronger-than-expected U.S. jobs report lifted yields and added to the risk of an aggressive tightening by the Federal Reserve.
The benchmark 30-share S&P BSE Sensex slumped 1,023.63 points, or 1.75 percent, to close at 57,621.19, while the broader NSE Nifty index fell 302.70 points, or 1.73 percent, to settle at 17,213.60.
Both the indexes opened on a flat note earlier in the day before falling deep into the red as the trade progressed.
HDFC Life, Britannia Industries, HDFC Bank, Larsen & Toubro and Tata Consumer Products lost 3-4 percent.
On the positive side, Tata Steel, ONGC and Power Grid Corp roe 1-2 percent.
Shares of InterGlobe Aviation, the parent of IndiGo, soared as much as 9.5 percent after the budget carrier posted a profit after tax of Rs 129.8 crore in the three months ended December 2021 versus a loss of Rs 620.1 crore in the year-ago period.
Market Analysis
Sensex Tanks 1,024 Points; Nifty Nears 17,200
2022-02-07 11:11:33
