Benchmark equity indices Sensex and Nifty crashed 1.6 percent on Monday due to an across-the-board selloff, as concerns over third-quarter earnings growth and the continued flight of foreign capital sapped risk appetite.
Besides, traders said that the new HMP virus scare, depreciating rupee, and weak trend in Asian markets further weighed on sentiment.
Extending losses, the 30-share BSE benchmark Sensex tanked 1,258.12 points, or 1.59 percent, to close below the 78,000 level at 77,964.99. During the day, it plunged 1,441.49 points, or 1.81 percent, to 77,781.62.
The NSE Nifty slumped 388.70 points, or 1.62 percent, to 23,616.05.
From the 30-share blue-chip pack, Tata Steel, NTPC, Kotak Mahindra Bank, IndusInd Bank, Power Grid, Zomato, Adani Ports, Asian Paints, Mahindra & Mahindra, and Reliance Industries were among the biggest laggards.
Titan and Sun Pharma were the only gainers.
"The Indian equity markets are witnessing a sharp decline today, with both Nifty and Bank Nifty slipping below their 200-day moving averages (DMA). The sell-off can be attributed to a rise in foreign institutional investor (FII) selling and concerns surrounding the upcoming Q3 earnings season.
"Additionally, fears related to the new HMPV have added to the bearish sentiment, triggering fresh rounds of selling after the recent counter-trend pullback rally," Santosh Meena, Head of Research, Swastika Investmart, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,227.25 crore on Friday after a day's breather, according to exchange data.
In Asian markets, Seoul settled higher while Tokyo, Shanghai, and Hong Kong ended lower.
European markets were trading on a mixed note. US markets ended in positive territory on Friday.
Global oil benchmark Brent crude dipped 0.25 percent to USD 76.32 a barrel.
The BSE benchmark tumbled 720.60 points, or 0.90 percent, to close at 79,223.11 on Friday. The Nifty tanked 183.90 points, or 0.76 percent, to 24,004.75.
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