Sell-off continues in stock market; Sensex falls 365 pts, RIL declines 4%

The domestic markets extended last week’s four per cent sell-off as the rupee hit an all-time low amid sustained selling by foreign investors. Weak global cues and a sharp drop in shares of index heavyweight Reliance Industries (RIL), following disappointing results, dragged down the markets even as tech stocks staged a comeback.

European and Asian equities traded weak on concerns around world economic growth amid surging inflation, monetary tightening, and a slowdown in China’s export after the resurgence of Covid-19.

The Sensex declined 365 points, or 0.67 per cent, to 54,471, the lowest since March 8. In intra-day trade, the