Extending losses from past week, equities settle low

Indian equity benchmarks extended their losses from the previous week and settled lower on Monday.

Market participants are worried about the rising inflation besides the likelihood of monetary policy tightening in the US.

Policy tightening, which essentially means rate hike, is a negative for the Indian market as investors typically prefer the US markets to accumulate higher returns.

On Monday, Sensex settled at 56,580 points, down 1.1 per cent, whereas Nifty was at 16,985 points, down 1.1 per cent.

Among the individual stocks, Coal India, BPCL, Tata Steel, SBI Life, and Hindalco were the top five gainers among the Nifty 50 companies, while Bajaj Auto, HDFC Bank, ICICI Bank, Axis Bank, and HDFC the top five losers, NSE data showed.

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