Sensex over 900 points, Nifty 16,400. below from
Tracking extremely weak global markets, the Sensex fell over 980 points to fall below the 55,000 mark, as equity benchmark indices went into a tailspin in early trade on Friday.
The 30-share BSE benchmark ended 980.45 points lower at 54,721.78 in early trade. The NSE Nifty also closed at 16,382.50, down 300.15 points.
All the companies in the Sensex pack were trading in the red with Bajaj Finance, HCL Technologies, Bajaj Finserv, Maruti Suzuki India, Wipro, Axis Bank, Tata Steel and Infosys emerging as major laggards in early trade.
Elsewhere in Asia, markets in Hong Kong, Shanghai and Korea were trading lower, while Tokyo gained marginally higher. US stock exchanges fell heavily in overnight trading on Thursday.
Mohit Nigam, PMS Head, Hem Securities, said, “US markets witnessed a relief rally on Wednesday after the FOMC meeting, but fell on Thursday due to higher concerns over rising interest rates. Asian markets were in the red in early Friday trade. Doing business in color.”
On Thursday, the BSE benchmark closed at 55,702.23, up just 33.20 points or 0.06 per cent. Similarly, the NSE Nifty closed at 16,682.65, up 5.05 points or 0.03 per cent.
Meanwhile, international oil benchmark Brent crude jumped 0.45 per cent to $111.40 a barrel. Foreign institutional investors again offloaded shares worth Rs 2,074.74 crore on Thursday, according to stock exchange data.
“While intra-day volatility will continue, markets will keep an eye on Reliance Industries earnings to be announced later today. With most of the negative factors at play, FII selling has once again intensified, as foreign investors started buying shares of the rupee. 2,074.74 crore on Thursday,” said Prashant Taapsee, Vice President (Research), Mehta Equities Ltd.