Sensex Plunges 0.83%, Nifty Slumps 0.72% Amid Global Sell-Off

Mumbai: Benchmark stock index Sensex pared gains on Monday after a record-breaking run, snapping a two-day winning streak. The index closed 0.83% lower at 73,502.64, down 616.75 points, as profit booking and weak global trends dampened investor sentiment.

The broader Nifty 50 also retreated, shedding 0.72% to settle at 22,332.65, down 160.90 points.

The decline was primarily driven by selling in metal and banking stocks. Power Grid and Tata Steel were among the biggest losers on the Sensex, falling over 2% each. HDFC Bank, State Bank of India, IndusInd Bank, Hindustan Unilever, and NTPC also witnessed significant declines.

Market analysts attributed the fall to ongoing concerns over global interest rate hikes and stronger-than-expected US non-farm payroll data. Investors remained cautious ahead of the release of US inflation data on Tuesday.

“Continued sell-off in global markets due to uncertainty over rate hikes impacted the domestic market sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services. “The stronger-than-expected US non-farm payroll data and caution ahead of the US inflation data release kept investors on the edge,” he added.

Despite the overall decline, some stocks managed to gain. Nestle, Bajaj Finserv, and Bajaj Finance were among the few bright spots on the Sensex.