Sensex Tanks 1,172 Points, Nifty Closes at 17,173 Amid Inflation Spike

Seeing a sharp plunge of 1,172.19 points, Sensex closed at 57,166.74 on Monday, 18 April, while Nifty tanked 302 points to 17,173.65.

(Photo: PTI)

Seeing a sharp plunge of 1,172.19 points, Sensex closed at 57,166.74 on Monday, 18 April, while Nifty tanked 302 points to 17,173.65.

Sensex, which opened by 57,338.58, saw a 2 percent fall at the time of closing on Monday. Similarly, Nifty, which had opened at 17,183.45, closed at a dip of 1.73 percent.

Trading at 663 on NSE, Paytm's parent company One 97 Communications Ltd recorded a 4.08 percent decline, while Wipro, closing at 540.55 INR, was down by 3.34 percent.

Zomato, standing at 83.20 on NSE, was down by 0.70 percent at closing.

A rise in inflation as well as a fresh spike in global crude oil prices seem to have dented investors' sentiment. Earnings of HDFC Bank and Infosys for Q4 coming short of market expectations may also hurt investor confidence, as per analysts.

The annual rate of inflation is 14.55 percent (provisional) for the month of March as compared to 7.89 percent in March 2021, the Centre said on Monday.

"The high rate of inflation in March 2022 is primarily due to rise in prices of crude petroleum and natural gas, mineral oils, basic metals, etc owing to disruption in global supply chain caused by Russia-Ukraine conflict," the Centre added.