Market Update: Sensex Down Over 500 Points, Nifty Plunges 156 Points. Know Why

Benchmark indices continued with the bearish trend as markets closely watch results from Tata Steel, Suryoday SFB, Sunteck Realty, Piramal Enterprises and others

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New Delhi: Markets had a weak opening in the early morning trade with Sensex dipping close to 500 points on the back of negative global cues and foreign fund outflows. The key equity indices - S&P BSE Sensex and NSE Nifty50 slipped on Thursday.

The Sensex opened at 60,291.70 points from its previous close of 60,352.82 points. At 10.15 am, the 30-scrip index traded at 59,921.26 points, down 438.60 points or 0.77 per cent. Besides, the NSE Nifty50 traded at 17,877.15 points, lower by 135.30 points or 0.78 per cent.

Benchmark indices continued with the bearish trend as markets closely watch results from Tata Steel, Suryoday SFB, Sunteck Realty, Piramal Enterprises, Indiabulls Housing Finance, Novartis India, among others. Nykaa, which made a strong debut on the bourses with 79 per cent premium has witnessed a drop in interest for the shares. The shared were trading down over 3 per cent as of 11:23 am. Earlier in the day the stock had dipped over 5 per cent.

Indian markets fell sharply tracking weak Asian markets. Stocks including Sun Pharma, Infosys, HCL Tech, HDFC, Bajaj Finserv and Teck Mahindra were down between 1 per cent and 2.5 per cent. The fear of inflation has kept the Asian stocks under pressure and buoyed the dollar after data overnight showed US consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening, according to AP. US Treasury yields shot higher, with that on the benchmark 10-year note leaping by the most since February.

Petrol and diesel prices remained unchanged for the eighth consecutive day on Thursday. The prices witnessed a cut after the government slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels.

Petrol is retailed at Rs103.97, in the national capital while the diesel rate is at Rs86.67, according to Indian Oil Corporation. In Mumbai, petrol is sold at Rs 109.98 per litre while diesel is being sold at Rs94.14 per litre.