Mumbai: In what may be called the longest losing streak in 8 years, the key equity indices, Sensex and Nifty, declined over 1 pc following massive volatility during the session continuing their losing spell for a ninth session in a row on Monday.
The BSE Sensex crashed over 372 points and the NSE Nifty dived nearly 130 points on sustained sell-off across the board. The index widened its loss towards the fag-end on emergence of intense selling in heavyweights like ITC, RIL and ICICI Bank.
In just nine trading sessions, investor wealth tumbles by Rs 8.53 lakh crore. Investors have become poorer, amid concerns over US-China trade tensions and poll outcome. In addition, the rupee fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices.
An unabated sell-off in domestic equity markets also weighed on the domestic currency, forex dealers said. The rupee opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market as oil prices rose over 1 pc in global markets. The broader markets saw an even more intense decline.