The BSE benchmark Sensex was down by 333 points in early trade on Monday on all-round selling pressure from operators and investors as Asian shares slumped amid rising fears of a Greek sovereign default and worries over China’s financial health.
The BSE benchmark Sensex resumed lower at 16,255.97 points and dropped further to 16,088.98 before quoting at 16,121.21 at 1015 hours, a net loss of 332.55 points, or 2.02 per cent, from last weekend’s close.
The National Stock Exchange’s (NSE) 50-share Nifty also declined by 98.25 points, or 1.99 per cent, to 4,845.00 at 1015 hours.
Metal shares fell across the board, with Hindalco Industries, Sterlite Industries and Tata Steel hitting 52-week lows as global commodity prices fell.
Interest rate-sensitive banking and realty stocks fell on worries that elevated interest rates would hurt borrowers’ ability to repay loans and result in increased delinquencies.
The major losers in early trade were Tata Steel (down 4.24 per cent), Hindalco Industries (4.15 per cent), DLF (3.84 per cent), ICICI Bank (3.43 per cent), Sterlite Industries (3.43 per cent) and Tata Power (3.41 per cent).
Meanwhile, Asian stock markets slumped in early trade on rising concerns of a Greek sovereign default and additional worries over China’s financial health.
The key benchmark indices in Indonesia, Taiwan, Hong Kong, Japan, and Singapore were down by between 0.25 per cent and 4.63 per cent.