The stock market witnessed meltdown in the opening trade on Monday. Benchmark sensex fell close to 300 points and Nifty dipped 52-week low.
Zee Media Group
New Delhi: The benchmark BSE sensex faltered in the opening trade, and touched the lowest since June 2014 at 24,672 and Nifty dipped 52-week low at 7,515 today, a loss of 262 points or more than 1 percent.
The carnage was lead by ICICI Bank, HDFC, L&T, SBI and Tata Motor and other mid-cap stocks.
The Nifty came under pressure and slipped below 7500 to hit its fresh 52-week low of 7495.65, down 87.35 points or 1.15 percent.. It was weighed down by losses in realty, power, oil & gas, metal, consumer durable, and banking stocks.
Experts are calling the meltdown as a correction in trade. They added that the third-quarter earnings of blue chip companies like TCS and Infosys, and key macroeconomic data of IIP and inflation will dictate the market trend this week.
Asian share markets also swept lower Monday after Wall Street suffered its worst starting week in history and doubts over Beijing's economic competence sent investors into the arms of the safe-haven yen and sovereign bonds.
Chinese stocks opened lower on Monday, with the benchmark Shanghai Composite Index down 1.71 percent to open at 3,131.85 points.
MSCI's broadest index of Asia-Pacific shares outside Japan sank 2%, as did Australia's main index. E-mini futures for the S&P 500 ESc1 were down 0.7% in a sizable move for Asian hours.
The rupee depreciated 27 paise to 66.92 against the US dollar on Monday amid mixed trading in other Asian markets.
The domestic currency had closed 30 paise higher at 66.63 on Friday.
With input from Agencies