Markets tank amid heavy selling in IT, tech & banking stocks, Sensex sinks 861 points

Mumbai: Equity markets buckled under selling pressure on Monday as an intense sell-off emerged in IT, tech and banking stocks amid a bearish trend overseas following hawkish comments from the US Federal Reserve.

Investors' wealth fell by Rs 2.39 lakh crore on Monday in line with a weak trend in the global equity markets. Tracking the weakness in global equities, the market capitalisation of BSE-listed firms eroded by Rs 2,39,781.58 crore to Rs 2,74,56,330.02 crore.

After tumbling over 1,460 points in early trade, the BSE benchmark Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47.

Similarly, the NSE Nifty fell 246 points or 1.4 per cent to 17,312.90.

Tech Mahindra was the biggest loser in the Sensex pack, shedding 4.57 per cent, followed by Infosys, Wipro, HCL Technologies, Tata Consultancy Services, Kotak Mahindra Bank, Tata Steel, Axis Bank, ICICI Bank and State Bank of India.

On the other hand, Maruti, Nestle, Asian Paints, ITC, M&M and Hindustan Unilever were among the gainers.

Meanwhile, the international oil benchmark Brent crude climbed 0.79 per cent to 101.8 per barrel.

After hitting an all-time low, the rupee recovered some of its losses to settle 7 paise down at 79.91 against the US dollar.