Sensex plunges 1,172 pts as Infosys, HDFC twins play spoilsport

Equity benchmarks went into a tailspin on Monday, with the Sensex tumbling 1,172.19 points, dragged down by heavyweights Infosys and HDFC twins amid a weak trend in Asian markets.

The 30-share BSE Sensex tanked 1,172.19 points or 2.01 per cent to settle at 57,166.74. During the day, it plummeted 1,496.54 points or 2.56 per cent to 56,842.39.

The broader NSE Nifty plunged 302 points or 1.73 per cent to finish at 17,173.65.

Infosys, HDFC, HDFC Bank, Tech Mahindra, Wipro and TCS were the major laggards in the Sensex pack.

In contrast, NTPC, Tata Steel, Maruti, Titan, Nestle, Titan and M&M were among the gainers.

Infosys plummeted 7.16 per cent after its Q4 results failed to enthuse investors.

HDFC Bank declined 4.53 per cent to Rs 1,398.50 even as the largest domestic private sector lender on Saturday posted a 22.8 per cent jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022.

Meanwhile, the wholesale price-based inflation spiked to a four-month high of 14.55 per cent in March on rising prices of crude oil and other commodities due to disruption in global supply chain in the wake of the Russia-Ukraine war, a development that may prompt the RBI to raise interest rates to contain price rise.

In Asia, markets in Seoul, Shanghai and Tokyo settled lower. Hong Kong was closed for a holiday.

International oil benchmark Brent crude slipped 0.18 per cent to USD 111.5 per barrel.

On Wednesday, the Sensex declined 237.44 points or 0.41 per cent to settle at 58,338.93. The NSE Nifty dipped 54.65 points or 0.31 per cent to finish at 17,475.65.

Stock markets were closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as on Friday on account of Good Friday.

Foreign institutional investors offloaded shares worth a net Rs 2,061.04 crore on Wednesday, according to exchange data.

Rupee slips 6 paise to 76.25 against US dollar

The rupee declined 6 paise to close at 76.25 (provisional) against the US dollar on Monday, tracking the strength of the greenback overseas and elevated crude oil prices.

At the interbank foreign exchange market, the rupee opened lower at 76.41 against the American currency, and finally settled for the day at 76.25, down 6 paise over its previous close.

During the trading session, the rupee witnessed an intra-day high of 76.20 and a low of 76.43.

On Wednesday, the rupee had dipped 4 paise to close at 76.19 against the US dollar.

The forex market was closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti and on Friday on account of Good Friday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20 per cent higher at 100.70.

Global oil benchmark Brent crude futures fell 0.18 per cent to USD 111.50 per barrel.

Gold rallies Rs 542; silver jumps Rs 993

Gold in the national capital on Monday rallied Rs 542 to reach Rs 53,461 per 10 grams, reflecting an uptick in international precious metal prices along with rupee depreciation, according to HDFC Securities.

The precious metal had finished at Rs 52,919 per 10 grams in the previous trade.

Silver also jumped Rs 993 to Rs 69,932 per kg from Rs 68,939 per kg in the previous trade.

In the international market, gold was trading higher at USD 1,993 per ounce while silver was flat at USD 25.88 per ounce.

"Gold prices traded higher with spot gold prices at COMEX trading 1 per cent up at USD 1,993 per ounce on Monday. Gold prices rallied to 1-month high on global market uncertainty over Russia-Ukraine conflict which led to safe-haven buying," said Dilip Parmar, Retail Research Analyst, HDFC Securities.