Equity benchmark Sensex tumbled over 1,100 points or over 2% in early trade on January 27, tracking losses in major titans, Wipro and HDFC twins amid a weak trend in Asian markets.
Traders said signs of the US Federal Reserve raising interest rates soon and continued foreign fund outflows weighed on the market sentiment.
The BSE gauge was trading 1,155.61 points or 2% lower at 56,702.54 in early trade. Similarly, Nifty closed 329.15 points or 1.91% lower at 16,948.80.
Titan was the top loser in the Sensex pack, falling 4.06%, followed by Wipro, Dr Reddy’s, HDFC Bank, Tech Mahindra and Infosys.
On the other hand, Maruti and NTPC made gains.
Equity, forex and bullion markets were closed on 26 January on the occasion of Republic Day.
On January 25, the 30-share BSE Sensex closed at 57,858.15, up 366.64 points or 0.64%. Similarly, the broader NSE Nifty ended 128.85 points or 0.75% higher at 17,277.95.
The US Fed indicated on January 26 that it may raise interest rates in March to fight inflation.
Elsewhere in Asia, shares in Shanghai, Hong Kong, Seoul and Tokyo were trading with deep losses in mid-session deals.
Stock exchanges in the US closed with a mixed trend in the overnight session.
Meanwhile, international oil benchmark Brent crude rose 0.93% to $89.12 a barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 7,094.48 crore as on January 25, as per provisional data.
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