Markets close in red zone for 7th day in row following a bearish trend in global markets

Mumbai: Benchmark indices Sensex and Nifty slid for a seventh straight session on Monday, logging their longest losing run in the past five months, following a bearish trend in global markets amid concerns over aggressive rate hikes by developed economies.

The BSE Sensex declined by 175.58 points or 0.30 per cent to close at a month’s low of 59,288.35 with 17 of its shares posting losses. During the day, it tanked 526.29 points or 0.88 per cent to 58,937.64.

The NSE Nifty fell 73.10 points or 0.42 per cent to end at a four-month low of 17,392.70 as 33 of its stocks ended in the red.

Seven consecutive sessions of decline in the equity market has eroded the wealth of investors by a whopping Rs 10.42 lakh crore and the benchmark Sensex has tumbled more than 2,000 points during this

period.

In the seven sessions, Sensex tanked 2,031 points or 3.4 per cent while Nifty shed 643 points or 4.1 per cent to close below the 17,400 level.

In seven days, the market capitalisation of BSE-listed firms eroded by Rs 10,36,307.34 crore to Rs 2,57,94,678.26 crore.

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 laggards.

Power Grid, ICICI Bank, Kotak Mahindra Bank and State Bank of India were among the gainers.

The BSE smallcap gauge fell 1.28 per cent and midcap index declined 0.69 per cent.

Among the sectoral indices, teck declined 2 per cent, IT fell 1.96 per cent, commodities by 1.75 per cent, metal by 1.39 per cent, consumer discretionary by 0.95 per cent and capital goods by 0.95 per cent.

Financial services, bankex and realty were the gainers.

In Asian markets, South Korea, Japan, China and Hong Kong ended lower.

Equity markets in Europe were trading in the green. The US markets had ended sharply down on Friday.

Foreign Portfolio Investors (FPIs) offloaded shares worth Rs 1,470.34 crore on Friday, according to exchange data.