Sensex falls over 334 points amid metal, power shares retreat amid FII outflows, global selloff

Mumbai: Benchmark indices Sensex and Nifty declined by more than half a per cent at close on Monday due to selling in IT, power and metal shares triggered by a global equity meltdown on rate hike fears and FII outflows.

Snapping its five-day gaining streak, the 30-share BSE Sensex settled lower by 334.98 points or 0.55 per cent at 60,506.90. During the session, the index fell over 500 points to touch its intra-day low of 60,345.61.

The broader NSE Nifty dipped 89.45 points or 0.50 per cent to close at 17,764.60 as 34 of its stocks dropped.

Tata Steel was the biggest loser in the Sensex pack, falling 2.08 per cent, followed by Kotak Bank, Infosys, ICICI Bank, M&M, Ultra Cement and Tata Motors. On the other hand, IndusInd Bank, Bajaj Finance, PowerGrid and ITC were among the major winners.

Adani group stocks, except for Adani Ports, continued to decline amid the opposition parties demanding a Joint Parliamentary Committee probe or a Supreme Court-monitored investigation into allegations of fraud and stock price manipulation by Adani group.

The rupee fell by 68 paise to close at 82.76 against the US dollar on Monday, weighed down by gains in the greenback in the overseas markets and a muted trend in domestic equities.