Mumbai: Amid the weakness in the global market, the Bombay Stock Exchange (BSE) witnessed a sharp decline of 1250 points while the Nifty also came down to 17200 points.
Both the Sensex and Nifty opened with a heavy fall and initially, the 30-point BSE Sensex opened at 57623.25, down 1,210.62 points (2.06 percent). At the same time, Nifty also saw a huge fall. It broke 361.50 points (2.06 percent) and opened at the level of 17197.40. 433 shares rose in early trade, 1965 shares declined and 135 shares opened flat.
The US market saw a huge drop due to the statement of Fed Chairman Jerome Powell and its effects were seen in the domestic market.
On the last trading day of the week, the US market Dow Jones closed by more than 1000 points and Nasdaq fell 3.94 percent. There was weakness in the European market as well.
Fed Chairman Jerome Powell said in Jackson Hole that he would strike with all his might to bring inflation under control. The policy will be changed to bring the inflation rate down to 2 percent.
''If price stability is not brought, the consequences for the economy will be dire,'' he added.
Due to the fall in the market, the market cap of companies listed on BSE has decreased by about 5.5 lakh crores. On Friday, the market cap of companies listed on BSE closed at Rs 2,76,96,111.60 crore. Whereas today it was 2,71,48,331.10 crores at 9:20 am.
Meanwhile, the rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday tracking the strength of the American currency and firm crude oil prices.
At the interbank foreign exchange, the rupee opened at 80.10 against the dollar, then lost ground to quote at 80.15, registering a fall of 31 paise from the last close. On Friday, the rupee closed at 79.84 against the dollar.
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