Sensex crashes 1456 points on global selloff; investors poorer by Rs 6 lakh crore

New Delhi: The Indian stock market’s benchmark Sensex tumbled 1456 points on Monday amid selloff in the global equities leading to an erosion of nearly Rs 6 lakh in the value of listed companies.

The 30 stock S&P BSE Sensex crashed 1456.74 points or 2.68 per cent to close at 52,846.70 points against its previous session’s close at 54,303.44 points. Earlier, the Sensex opened sharply down at 53,184.61 points and tumbled to a low of 52,527.08 points in the intra-day. The Sensex had crashed by more than 1,700 points in the afternoon session. The index covered part of the losses towards the end of the trading for the day.

This is the second consecutive session of a sharp drop in the benchmark index. The Sensex had lost 1016.84 points or 1.84 per cent on Friday.

The broader Nifty 50 of the National Stock Exchange tumbled 427.40 points or 2.64 per cent to 15,774.40 points against its previous day’s close at 16,201.80 points.

Earlier, the Nifty opened deep in the red at 15,877.55 points and slumped to a low of 15,684.00 points in the intra-day.

The selloff has led to an erosion of around Rs 6 lakh crore of investors’ wealth.

The combined market capitalisation of the BSE listed companies slumped to Rs 246.12 lakh crore in the afternoon trade from Rs 251.84 lakh crore recorded on Friday, the last trading session, leading to erosion of Rs 5.71 lakh crore in the market value.

Banking and financial stocks crashed. Bajaj Finserv crashed by 7 per cent. Bajaj Finance tumbled 5.44 per cent to Rs 5359.55. IndusInd Bank slumped 5.27 per cent to Rs 864.20. ICICI Bank dipped 4.46 per cent to Rs 688. State Bank of India tumbled 3.44 per cent to Rs 445.90.

There was heavy selling pressure in IT stocks. TCS crashed 4.31 per cent to Rs 3220.15. Tech Mahindra slumped 4.84 per cent to Rs 1056.55. Infosys dipped 3.58 per cent to Rs 1424.20.

The index heavyweight Reliance Industries Limited slumped 1.89 per cent to Rs 2662.80.

Selling pressure was across the board. Only one of the 30 stocks that are part of the Sensex closed in the positive. Nestle India closed 0.46 per cent higher at Rs 16857.25.