Sensex plunges 638 points on weak global trends

October 3: The benchmark Sensex fell 638 points on Monday, pulled down by significant selling in auto, FMCG, and financial companies in the last hour.

The 30-stock S&P BSE Sensex fell 638.11 points, or 1.11 percent, to 56,788.81 points after closing at 57,426.92 points the previous day.

Earlier in the day, the Sensex opened slightly down at 57,403.92 points, but experienced severe selling pressure in the late morning trading. In the morning session, the Sensex fell to a low of 56,875.05 points. The Sensex temporarily rose to a high of 57,454.84 points in the morning session.

The markets saw strong selling at the close of the trading day, lowering the Sensex to 56,683.40 points intraday.

The Sensex had gained 1016.96 points, or 1.80%, in the previous trading session on Friday.

Following the RBI’s monetary policy decision on Friday, the markets saw a robust surge. The RBI’s Monetary Policy Committee voted to raise the policy repo rate by 50 basis points, or 0.50 percent, to 5.90 percent, as predicted.