Sensex slumps 861 points; IT stocks crash amid weak global cues
August 29, Mumbai: The Sensex and Nifty indexes in India fell by approximately 1.5% on Monday, pulled down by significant selling in IT firms after the US Federal Reserve signalled aggressive rate rises.
The 30-stock S&P BSE Sensex fell 861.25 points, or 1.46 percent, to settle at 57,972.62 points, down from 58,833.87 points the previous session.
The Sensex fell by almost 1,400 points in the pre-open session. The Sensex opened the day down drastically at 57,367.47 points. This is the lowest intra-day level for the benchmark Sensex. Later in the day, the Sensex recovered some of its losses. It reached an intra-day high of 58,208.30 points.
The larger Nifty 50 index of the National Stock Exchange fell 246 points, or 1.4%, to 17,312.90 points.
The Nifty began the day at 17,188.65 points and fell to a low of 17,166.20 points during the day.
IT stocks plummeted in response to unfavourable indications from global markets. The Nifty IT sectors index fell 3.53 percent.
