Mumbai: The stock market witnessed a sharp decline yesterday, the first day of the week. The Bombay Stock Exchange fell 1,457 points, causing huge losses for investors.
Shares of Bajaj Pinserve, Bajaj Finance, IndusInd Bank, Tech Mahindra, ICICI Bank, TCS, NTPC, Infosys and State Bank of India fell sharply. The index stood at 52,846 points, down 2.68 points overall.
The index traded lower by 427 points at 15,774 on the National Stock Exchange. Inflation eased to 7.04% in May from 7.79% in April.
The Asian stock market and the European stock market saw sharp declines and sell-offs.
Foreign institutional investors (FIIs) tend to sell more shares. Last Friday, Rs. 3,973 crore worth of shares were sold. The rupee depreciated by 20 paise against the dollar. Thus the value of one dollar is Rs. Traded at 78.13.