Bears run amok on D-street as Sensex nosedives 1,457 points

Mumbai: Dalal Street sank in a sea of red on Monday, mirroring a meltdown in global equities, as investors braced for steeper rate hikes by the Federal Reserve after US consumer inflation soared to a four-decade high.

Extending its losses to the second straight session, the 30-share BSE Sensex plummeted 1,456.74 points or 2.68 per cent to finish at 52,846.70.

The broader NSE Nifty tanked 427.40 points or 2.64 per cent to 15,774.40.

Equity investors became poorer by over Rs 9.75 lakh crore in two days of heavy decline in the equity market. The market capitalisation of all BSE-listed firms eroded by Rs 9,75,889.77 crore to Rs 2,45,19,673.44 crore.

Bajaj Finserv was the top loser in the Sensex pack, skidding 7.02 per cent, followed by Bajaj Finance, IndusInd Bank, Tech Mahindra, ICICI Bank, TCS, NTPC, Infosys and SBI.

Nestle India was the sole gainer among Sensex constituents, inching up 0.46 per cent.

In the broader market, the BSE smallcap gauge tanked 3.15 per cent and the midcap index declined by 2.73 per cent.

All BSE sectoral indices ended lower, with IT tumbling 3.92 per cent, followed by tech (3.45 per cent), metal (3.39 per cent), industrials (3.35 per cent), finance (3.17 per cent) and bank (3.12 per cent).

A total of 2,839 stocks declined, while 658 advanced and 116 remained unchanged.

Meanwhile, international oil benchmark Brent crude fell 0.98 per cent to $120.75 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,973.95 crore on Friday, as per exchange data.