Mumbai: Benchmark stock index Sensex dropped by nearly 548 points Monday as a fresh spike in crude oil prices, unabated foreign fund outflows and rising bond yields dented investors’ sentiment.
Erasing opening gains, the 30-share BSE Sensex tanked 547.65 points, or 0.76 per cent, to settle at 71,924.68. During the day, it slumped 796.23 points, or 1 per cent, to 71,676.10.
The 50-share NSE Nifty dropped 157.10 points, or 0.70 per cent, to end at 22,363.35.
From the 30 Sensex firms, ITC, Tech Mahindra, Hindustan Unilever, Larsen & Toubro, State Bank of India and Tata Consultancy Services were among the major laggards.
Bharat Electronics, Mahindra & Mahindra, Kotak Mahindra Bank and HCL Tech were among the major winners.
Brent crude, the global oil benchmark, jumped 1.14 per cent to USD 105.8 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,568.90 crore on Friday, according to exchange data.
“Indian markets failed to hold on to early gains as sentiment weakened amid a rise in the 10-year bond yield to a three-year high and continued FII outflows driven by external uncertainties,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
In Asian markets, South Korea’s Kospi dropped 3.65 per cent, while Shanghai’s SSE Composite index also settled lower. Hang Seng index ended marginally higher.
Markets in Europe were trading higher. US markets ended higher Friday.
On Friday, the Sensex jumped 879.09 points, or 1.23 per cent, to settle at 72,472.33. The Nifty rallied 288.65 points, or 1.30 per cent, to end at 22,520.45.
