New Delhi | Jagran Business Desk: The negative momentum on Dalal Street continued on Monday after the 30-share BSE Sensex slumped 364.91 points or 0.67 per cent to close at 54,470.67. Similarly, the 50 NSE Nifty closed at 16,301.85, plunging 109.40 points or 0.67 per cent.

Power Grid was the top gainer, rising by 3.44 per cent, followed by HCL Tech, Infosys, Maruti Suzuki India, Bajaj Finsv, HDFC, Ultratech Cement, Asian Paint, Bajaj Finance, and HDFC Bank.

Reliance, meanwhile, was the top loser, followed by Nestle India, IndusInd Bank, Tata Steel, Tech Mahindra, State Bank of India (SBI), ITC, ICICI Bank, and Titan.

Earlier, the Sensex had opened at 54,081.79, down by 753.79 points or 1.37 per cent, while the Nifty opened at 16,193.55, down by 217.70 points or 1.33 per cent.

Not just the Indian benchmark indices, but stock across Asian fell on Monday due to a hike in interest rates and re-emergence of COVID-19 in China. Besides, oil prices once again soared while US futures fell due to a decline on Wall Street last week.

"The global investment community is slowly waking up to the idea we have touted for a long time: That there is a post-COVID-recovery-euphoria hangover,' coupled with associated inflation and now a European war and fresh inflation impetus as well as the world's biggest port being closed," The Associated Press (AP) quoted Clifford Bennett, Chief Economist at ACY Securities, as saying.

Deepak Jasani, Head of Retail Research at HDFC Securities, also agreed with Bennett and said that stock markets in Asia "got off to a shaky start on Monday as US stock futures took an early skid on rate worries, while a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession."

Meanwhile, international oil benchmark Brent crude gained 0.46 per cent to USD 112.92 per barrel. Foreign institutional investors again offloaded shares worth Rs 5,517.08 crore on Friday, according to stock exchange data.

Posted By: Aalok Sensharma