New Delhi | Jagran Business Desk: The 30-share BSE Sensex on Monday continued to plung and shedded by 617.26 points or 1.08 per cent to end at 56,579.89 due to the negative trend in the international markets. Likewise, the 50 NSE Nifty ended at 16,953.95, declining by 218 points or 1.27 per cent.

The Sensex and Nifty had started the session at 56,599.07 and 16,974.85 respectively.

Tata Steel was the top loser in the Sensex pack, falling by 4.28 per cent, followed by NTPC, Tech Mahindra, Reliance, Titan, ITC, Sun Pharma, Larsen and Toubro, Ultratech Cement, Dr Reddy's, Tata Consultancy Services (TCS), and Mahindra and Mahindra.

Meanwhile, HDFC bank was the top gainer, rising by 1.11 per cent, followed by ICICI Bank, HDFC, Axis Bank, Bharti Airtel, Nestle India, Maruti Suzuki India, and Kotak Mahindra Bank.

Not just Sensex and Nifty, most of the Asian stocks continued to plunge on Monday as concern about rapid US rate rises and slowing growth rattled investors. Japan's Nikkei fell 1.9 per cent. Hong Kong's Hang Seng fell 3 per cent. S&P 500 futures dropped 0.8 per cent while FTSE futures and European futures were off by more than 1 per cent.

International oil benchmark Brent crude also declined 2.88 per cent to USD 103.58 per barrel on Monday while foreign institutional investors continued their selling spree, offloading shares worth Rs 2,461.72 crore on Friday, according to stock exchange data.

"The Indian equity markets have been gyrating in the past few days after a healthy pullback witnessed since the geopolitical crisis-led lows seen in the early part of March. While the headline indices seem to be in a consolidation mode, the larger activity seems to have shifted to the broader markets," Milind Muchhala, Executive Director of Julius Baer, had said on Friday.

"The markets seem to be slightly cautiously positioned, as the Q4FY22 earnings season has begun on a mixed note with small disappointments from a couple of large sectoral majors. Hence, investors might prefer to wait out for more results to be announced and hear out the accompanying commentaries to gauge in case there are any concerns of earnings cuts creeping in," Muchhala added.

Posted By: Aalok Sensharma