Sinking rupee, surging oil drive indices to 7-mth low

BENCHMARK EQUITY INDICES on Monday crashed to a seven-month low as a strong dollar and rising US yields sent the rupee to a fresh record low, surpassing the 86-mark for the first time.

- KISHOR KADAM

Additionally, a rise in oil prices due to new sanctions imposed by the US on Russia further weakened the sentiment.

Investors' wealth was eroded by ₹12.61 lakh crore, reducing India's market capitalisation to ₹417 lakh crore—the highest erosion since August 5. In dollar terms, the total market capitalisation on the BSE fell below $5 trillion (to $4.82 trillion) for the first time since June 4.

After opening 750 points lower, the Sensex remained in negative territory throughout the session and finally closed at 76,330.01, falling 1,048.90 points or 1.36%. The NSE's Nifty also declined 345.55 points or 1.47% to 23,085.95.

The broader market was hit the hardest on Monday, as the BSE Midcap and BSE Smallcap indices both fell by over 4%.