NEW DELHI: Equity index fell for a fifth session on Monday with the benchmark BSE Sensex fell more than 1,500 points amid heavy sell of the entire sector.
In a highly volatile session, the Sensex fell more than 3 percent to a low of 56 984 days.
BSE 30-share index later recovered slightly to end the 1546 points or 2.62 percent to 57 492 in; while the broader NSE Nifty settled 468 points or 2.66 percent lower at 17 149.
Tata Steel, Bajaj Finance, Wipro, Tech Mahindra and Titan are the top losers in the Sensex pack fell as much as 5.98 percent.
All 30 stocks in the BSE indices finished in red.
Similarly, the NSE platform all sub-index Nifty settled lower by Metal, Realty, Consumer durable fell over 5 percent.
Here are the reasons for the loss of the current market: * IT, metal, realty stocks are the worst hitTechnology stock has been under pressure since last week as global investors have been concerned about high inflation and preparing for tighter monetary policy.
The Nifty IT sub-index fell 3.42 percent to hit a seven-week low, after slumping more than 7 percent last week.
While the metals sub-index Nifty fell as much as 5.23 percent.
Shares of JSW Steel fell 6.92 percent after the company forecast quarterly net profit missed analysts.
Realty stocks fell 5.9 percent to a four-week low, while pharmaceutical stocks slipped 1.85 percent to a nine-month low.
* Shares of New experience correctionAccording age to age share new expert witness pressure as global investors sold IT stocks.
Zomato food delivery platform fell 19.65 percent and online retailers Nykaa plummeted 12.93 percent, hitting its lowest since the 2021 debut.
Both stocks had lost nearly 30 percent of the highest level were reduced in November last year.
“Most of the stocks that went public recently very expensive and much needed correction is now underway,” Anita Gandhi, director at Arihant Capital Markets, told Reuters.
* Investors eye Fed MeetInvestors have grown increasingly concerned about how aggressive the Federal Reserve, which will hold a policy meeting this week.
The Federal Reserve has a weapon against inflation its ready to fire and will not focus on whether they will pull the trigger, but how many times.
low rates of interest, dubbed quantitative easing, or QE, has helped support the broader market as the economy absorbed the sharp hit of the pandemic in 2020 and then recovered during the last two years.
“The broad-based selling we saw last week has been spilled and only after the Fed meeting this week, we will be able to get some clarity on further moves,” Anita Gandhi, director at Arihant Capital Markets, told Reuters.
* Concerns over the rising cost Rising inflation raising concerns that consumer spending will begin to ease because of the constant pressure on their wallets.
At the same time, the outbreak of a variant of the coronavirus Omicron threaten to slow recovery from the crisis.
Some economists believe the Fed and other central banks need to move quickly to ease the surge in prices by raising rates.
US consumer prices rose 7 percent in December compared with a year earlier, the biggest gain in nearly four decades.
* Weak global cues in Asian markets follow US stocks ended with significant losses in the overnight session on Friday.
In fact, Wall Street logged its worst week since the pandemic began in 2020.
The tech-heavy Nasdaq Composite dipped 2.7 percent to 13,768.92.
Has fallen for four consecutive weeks and are now more than 10 percent below its most recent high, putting it in what Wall Street considers a market correction.
The Dow Jones Industrial Average fell 1.3 percent to 34,265.37.
Hong Kong’s Hang Seng Index slumped 1.2 percent to 24,656.46.
In Australia, the S & P / ASX 200 lost 0.5 percent to 7,139.50.
South Korea’s Kospi fell 1.5 percent to 2,792.00 on heavy selling large technology companies such as Samsung and LG Chemical.
Thailand’s SET fell 0.7 percent.
(With inputs from agencies)