Stock market closed in red; Sensex fell 824 points, Nifty reached below 22850

On Monday, the benchmark BSE Sensex fell 824 points to a new seven-month low due to heavy selling in IT and oil and gas stocks amid weak global trends. The 30-share BSE index ended 824.29 points or 1.08% down at 75,366.17. Of these, 23 stocks closed with a loss while seven stocks closed with a gain. The index moved in a range of 75,925.72 and 75,267.59 during the day's trade. The 50-share benchmark Nifty finished the session 263.05 points or 1.14% down at 22,829.15, below the 23,000 mark for the first time since June 6 this year. The market capitalization of BSE-listed companies fell by Rs 9.43 crore to Rs 410.08 lakh crore on Monday.

IT, telecom, power, consumer goods, oil and gas, and healthcare sector stocks were the biggest losers as uncertainty over US trade policy weighed on investor sentiment. US President Donald Trump had announced a 25% tariff on Colombia after Colombia blocked planes carrying deported migrants. The US withdrew the decision after Colombia, a close ally of the US, agreed to take back deported migrants.

Among Sensex stocks, HCL Tech fell the most by 4.49%. Shares of Zomato, Tech Mahindra, PowerGrid, and Tata Motors also declined. Shares of Infosys, Tata Steel, HDFC Bank, Reliance Industrie,s and Bharti Airtel also saw selling, taking the index to a seven-month low. However, buying was seen in ICICI Bank shares. The bank's shares rose 1.39% after better third-quarter results. Hindustan Unilever, M&M, SBI, and L&T were also among the gainers.

In Asian markets, Shanghai and Tokyo closed with losses due to weak manufacturing data. European markets also declined in early sessions. Germany's DAX fell 1.1%, CAC 40 in Paris fell 0.8% and Britain's FTSE 100 fell 0.3%. US stocks also fell in futures trading. According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 2,758.49 crore on Friday. Global oil benchmark Brent crude rose 0.22% to $78.67 per barrel.