Sensex sheds over 1404 points on global selloff; investors lose over Rs 6 lakh crore

The Indian stock market's benchmark Sensex tumbled 1404 points on Monday amid a selloff in the global equities leading to an erosion of nearly Rs 6 lakh crore in the combined value of listed companies.

The 30 stock S&P BSE Sensex tumbled 1404.39 points or 2.59 per cent to trade at 52,899.05 points at 12.29 pm, against its previous day's close at 54,303.44 points.

Earlier, the Sensex opened sharply down at 53,184.61 points and tumbled to a low of 52,734.98 points.

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 416.65 points or 2.57 per cent to 15,785.15 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 15,749.90 points.

The selloff has led to 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 an erosion of Rs 5.71 lakh crore in the market value.

Banking and financial stocks crashed. Bajaj Finserv tumbled 6 per cent. Bajaj Finance crashed 5.27 per cent to Rs 5369.10. IndusInd Bank slumped 5.32 per cent to Rs 869.70. ICICI Bank lost around five per cent. State Bank of India dipped 3.51 per cent to Rs 445.60.

There was heavy selling pressure in IT stocks. TCS slumped around four per cent. Tech Mahindra was trading 4.37 per cent down. Infosys was down 3.53 per cent.

The index heavyweight Reliance Industries Limited was trading 2.21 per cent down at Rs 2654.

Only four of the 30 stocks that are part of the Sensex were trading in the positive. Nestle India, Hindustan Unilever, Maruti Suzuki and Power Grid Corporation were trading in the positive with marginal gains.