Sell-off continues in stock market; Sensex falls 365 pts, RIL declines 4%

The domestic markets extended last week’s four per cent sell-off as the rupee hit an all-time low amid sustained selling by foreign investors. Weak global cues and a sharp drop in shares of index heavyweight Reliance Industries (RIL), following disappointing results, dragged down the markets even as tech stocks staged a comeback.

European and Asian equities traded weak on concerns around world economic growth amid surging inflation, monetary tightening, and a slowdown in China’s export after the resurgence of Covid-19.

The Sensex declined 365 points, or 0.67 per cent, to 54,471, the lowest since March 8. In intra-day trade, the index dropped as much as 918 points, or 1.67 per cent, to 53,918. The Nifty, after dropping to 16,142, finished at 16,302, down 109 points, or 0.67 per cent.

Shares of RIL declined 4 per cent and made a 318-point negative contribution to the Sensex. IndusInd Bank and Nestle India fell nearly 3 per cent each. HCL Tech rose 2.4 per cent, Infosys 1.7 per cent, and TCS gained 0.4 per cent. 

Foreign investors sold shares worth Rs 3,362 crore on Monday, while their domestic counterparts bought shares worth Rs 3,077 crore.