The Bombay Stock Exchange continued its downward slide for the fifth straight session on Monday. By 2:16 pm, "the 30-share BSE Sensex pack was down 1,9555 points or 3.31 per cent at 57,082 and the broader NSE Nifty slumped 596 points or 3.38 per cent to 17,021", NDTV reported.
According to Money Control, the Sensex has declined over 3,300 points since January 17 and five days of losses had “wiped out more than Rs 17.54 trillion of investors' wealth”.
NDTV reported, “Mid- and small-cap shares were in the negative zone as Nifty Midcap 100 index fell 3.37 per cent and small-cap shares were trading 4.20 per cent lower.” The stocks that suffered losses included Infosys, ICICI Bank, the HDFC Twins and Kotak Bank.
The slide in markets has been attributed to an upcoming meeting of the US Federal Reserve. The Fed is expected to hike interest rates, worrying markets.
“The broad-based selling we saw last week has spilled over and only after the Fed meeting this week, we'll be able to get some clarity on further moves,” said Anita Gandhi, director at Arihant Capital Markets, told Reuters.
