Markets continue to slump amid weak global trends; Sensex tanks 365 points

Mumbai: Benchmark indices continued to remain under pressure on Monday, with the Sensex tumbling nearly 365 points following a sell-off in global markets and decline in shares of index major Reliance Industries.

Unabated foreign fund outflows and rupee hitting an all-time low also weighed on sentiment.

The 30-share BSE Sensex settled 364.91 points or 0.67 per cent lower at 54,470.67. During the day, it tanked 917.56 points or 1.67 per cent to 53,918.02.

The NSE Nifty fell 109.40 points or 0.67 per cent to end at 16,301.85.

Among the Sensex firms, Reliance Industries, Nestle, IndusInd Bank, Tech Mahindra, Tata Steel, State Bank of India, Hindustan Unilever and ITC were the major laggards.

PowerGrid, HCL Technologies, Infosys, Maruti and Bajaj Finserv were among the gainers.

Elsewhere in Asia, markets in Tokyo and Seoul settled lower, while Shanghai ended higher. Markets were closed in Hong Kong for a holiday.

Bourses in Europe were also quoting lower in the afternoon session.

Stock exchanges in the US had fallen on Friday.

Meanwhile, international oil benchmark Brent crude declined 1.17 per cent to USD 111 per barrel.

Foreign institutional investors offloaded shares worth a net Rs 5,517.08 crore on Friday, according to stock exchange data.