Elsewhere in Asia, Tokyo and Shanghai were trading with gains in mid-session deals, while Hong Kong and Seoul were in the red
Equity benchmark Sensex tumbled over 600 points in opening session on February 11, led by weakness in IT and financial stocks amid a weak trend in global markets.
The BSE gauge was trading 611.54 points or 1.04% lower at 58,314.49 in early trade. Similarly, the Nifty fell 168.95 points or 0.96% to 17,436.90.
Infosys was the top loser in the Sensex pack, falling over 2%, followed by Wipro, Tech Mahindra, HCL Tech, HDFC, Bajaj Finance, M&M and Bajaj Finserv.
On the other hand, NTPC and Nestle India were the only gainers.
In the previous session, the 30-share BSE Sensex had closed 460.06 points or 0.79% higher at 58,926.03. Similarly, the broader NSE Nifty jumped 142.05 points or 0.81% to end at 17,605.85.
The Reserve Bank of India (RBI) on February 10 kept its key lending rates stable at a record low for the 10th straight meeting to support the economy’s sustainable recovery from the COVID-19 pandemic.
Elsewhere in Asia, Tokyo and Shanghai were trading with gains in mid-session deals, while Hong Kong and Seoul were in the red.
Stock exchanges in the US ended the overnight session with deep losses under pressure from crucial US inflation data, falling technology stocks and rising benchmark bond yields.
HDFC’s head of retail research, Deepak Jasani, said: “Stocks in Asia were significantly lower on Friday after US inflation jumped to four-decade highs in Treasury and Wall Street stocks, which provoked lewd remarks by a Federal Reserve official. ” securities.
Jasani further said that the US Fed may have to act swiftly and aggressively to ensure that inflation does not worsen.
“St. Louis Fed President James Bullard said the central bank should raise rates by 100 basis points over the next three meetings. He is likely to consider a move amid scheduled policy reviews,” he said.
Meanwhile, international oil benchmark Brent crude slipped 0.16% to $91.26 a barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,732.58 crore on February 11, according to stock exchange data.
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