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The market has started pricing in a scenario wherein global financial conditions would tighten up further and oil prices may stay higher, probably touching $100 a barrel mark, in coming months.
Infosys alone contributed over 500 points to the Sensex fall. Shares of TCS (70 points), HCL Technologies (32 points), Tech Mahindra (32 points) and Wipro (12 points) also contributed negatively to the index.
Concerns over rising Covid cases globally and no immediate relief expected on aggressive Fed rate hikes front are weighing on the global economic outlook. At Friday's low of 60,146.16, the BSE 30-pack barometer was down 1,660 points in four sessions