India's benchmark indices tumbled for the fifth straight session on Monday as investors continued to dump risky assets on fears that the US Federal Reserve m might embark on a sharper rate hike trajectory to control inflation.
Rising global tensions over Ukraine and crude oil prices hitting a seven-year peak also kept investors' mood sombre. Domestic factors weighing on sentiment included subdued corporate earnings, Budget uncertainty, and sustained selling by global funds amid concerns over expensive valuations.
The Sensex fell 1,546 points, or 2.62 per cent, to close at 57,491 - the lowest level since December 27. The Nifty declined 468 points, or 2.66 per cent, to settle at 17,149. This was the sharpest single-day fall for both the indices since November 26, when stocks had tumbled amid concerns about Omicron spread. In the last five trading sessions, the domestic markets have plunged over 6 per cent, causing a wealth erosion of nearly 20 trillion.
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