The Indian market started the week on a negative note today amid weak global cues. Sensex crashed 1,498 points to 52,804 and Nifty declined 429 points to 15,774 in early trade today.
Market cap of BSE-listed firms fell to Rs 246.14 lakh crore today against Rs 251.81 lakh crore market cap in the previous session, translating into a loss of Rs 5.67 lakh crore. With today's crash, Sensex is down 9.36 per cent or 5,451 points and Nifty has slumped 1,558 points or 8.98 per cent in 2022.
On the other hand, Sensex has gained 0.61 per cent or 319 points and Nifty has lost 0.07 percent or 11.70 points in a year.
The market fell for the 6th day out of the past 7 days on June 13, amid negative global cues. Asian shares sank on a report that US inflation worsened last month, sending stocks reeling on Wall Street.
Share Market Live: Sensex tanks 1,450 points, Nifty below 15,800; LIC falls 3%
Tokyo's Nikkei 225 index lost 2.6 per cent to 27,088.86 and the Hang Seng in Hong Kong also gave up 2.6 per cent, to 21,245.99. In South Korea, the Kospi declined 2.8 per cent to 2,524.52, while the Shanghai Composite index dropped 1 per cent to 3,252.58.
Inflation in the US rose to 8.6 per cent in May from 8.3 per cent the month before.
Earlier, investors had hoped the consumer price report would show the worst inflation in generations had slowed a touch last month, passing its peak.
On Friday, the S&P 500 tanked 2.9 per cent to lock in its ninth losing week in the last 10, and tumbling bond prices sent Treasury yields to their highest levels in years. The Dow Jones Industrial Average fell 2.7 per cent, and the Nasdaq composite dropped 3.5 per cent.
Friday's inflation data signaled that the Federal Reserve would continue raising interest rates and make other moves in order to slow the economy, to rein in inflation.