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Sensex Plunges 500 Points; Metal, Banks Drag

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The Sensex and Nifty, India's equity benchmark indices, ended lower on Monday, pulled down by heavy selling in commodities and banking companies.

 

The Sensex was down 524.96 points, or 0.89 percent, at 58,490.93, while the Nifty was down 188.30 points, or 1.07 percent, at 17,396.90 at the closing.

The Nifty Metal index fell over 5%, followed by the Nifty PSU Bank index, which fell over 3%, and the auto, financial services, pharma, and energy indexes, which all fell over 1%. Nifty FMCG and Nifty Media both have positive returns.

Sensex Plunges 500 Points; Metal, Banks Drag

On September 20, Bigbloc Construction's stock gained more than 6% after the business and SCG International Corporation announced the signing of an MOU for the distribution of AAC Panels and other building materials.

Oil prices fell on Monday, extending losses from the previous week, as the dollar surged to a three-week high and the US rig count increased, despite the fact that about a quarter of US Gulf of Mexico output was shut down due to two hurricanes.

The BSE benchmark index has once again fallen into the red, owing to ongoing selling pressure in companies such as Tata Steel, HDFC, and SBI. Hindustan Unilever and ITC, on the other hand, are trading on a solid note.

 

Investors remained cautious, as the FOMC meeting this week would be watched closely throughout the world for clarity on the prospects for tapering as well as interest rate deadlines. While the Fed's projected reduction in asset purchases has gotten a lot of attention this year, their views on interest rates are expected to be the new catalysts that affect markets all around the world.

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