Mumbai: Leading stock indices Sensex tumbled over 1,100 points or two per cent in early trade on Thursday amid a weak trend in Asian markets and losses in major stocks like Titan, Wipro and HDFC Bank. According to traders, the sentiment in the domestic stock market has also been affected due to the sell-off by foreign investors and the US Federal Reserve’s indication of raising interest rates soon.
The Sensex was trading at 56,702.54, down 1,155.61 points or two per cent in early trade. Similarly, Nifty fell 329.15 points or 1.91 per cent to 16,948.80. The biggest decline of 4.06 percent in the Sensex was in Titan. Apart from this, Wipro, Dr Reddy’s, Tech Mahindra, HDFC Bank and Infosys were also among the major losers. On the other hand Maruti and NTPC were in the green.
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In the previous session, the 30-share BSE Sensex had gained 366.64 points, or 0.64 per cent, to close at 57,858.15. Similarly, the Nifty of the National Stock Exchange closed at 17,277.95 with a gain of 128.85 points, or 0.75 per cent. The US central bank indicated on Wednesday that it may raise interest rates in March to tackle inflation.
In other Asian markets, shares in Hong Kong, Seoul, Shanghai and Tokyo were trading with losses in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.93 percent to $ 89.12 per barrel. Foreign institutional investors (FIIs) sold shares worth Rs 7,094.48 crore on a gross basis on Tuesday, according to provisional data from the stock market.