Sensex tumbles 531 pts; energy, I.T. stocks play spoilsport

After swinging nearly 1,000 points during the session, the BSE benchmark settled with a loss of 530.95 points or 1.09% at 48,347.59

The BSE benchmark Sensex dived nearly 531 points to close at 48,348 on Monday, prolonging its losing streak to the third straight session, weighed down by massive selling particularly in energy and IT stocks.

After swinging nearly 1,000 points during the session, the BSE benchmark settled with a loss of 530.95 points or 1.09% at 48,347.59.

The 30-share index opened over 375 points higher and hit the day’s high of 49,263.15 before succumbing to selling pressure that took the index to the session’s lowest point at 48,274.92.

Likewise, the NSE gauge Nifty plunged 133 points or 0.93% to end the session at 14,238.90.

On the Sensex chart, Reliance Industries fell 5.36%, followed by IndusInd Bank, HCL Tech, Asian Paints, UltraTech Cement and PowerGrid – dropping as much as 4.72%.

Of the Sensex constituents, 21 closed in the red and only 9 in the green.

Among the gainers were Axis Bank, Sun Pharma, Bajaj Auto, Bajaj FinServ, HDFC Bank and Dr Reddy’s.

Analysts are of the view that markets may remain volatile in this holiday-shortened week amid monthly derivatives expiry, quarterly earnings and the upcoming Union Budget.

Indian equity markets will remain closed on Tuesday for the Republic Day.

Asian shares closed higher on Monday.

On the forex front, the rupee ended 3 paise higher at 72.94 against the U.S. dollar.

Meanwhile, Brent crude, the global oil benchmark, was trading 0.56% higher at $55.69 per barrel on Monday.

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