Sensex Sinks 700 Points In Early Trade, Nifty Trades Below 17,600

Bajaj Finserv was the top loser in the Sensex pack, shedding 2.59 per cent, followed by Infosys, Dr Reddy’s, Tech Mahindra, Sun Pharma, Wipro, and IndusInd Bank

Midcap and smallcap shares were in the negative zone as Nifty Midcap 100 index fell 0.82 per cent and smallcap shares were trading 0.77 per cent down. Image: Getty

New Delhi: The key Indian equity benchmarks continued to plunge for the fourth straight session on Friday amid weak global cues.

The BSE Sensex slumped nearly 700 points in opening trade on Friday, tracking intense selling pressure across the counters amid a negative trend in global markets and sustained foreign fund outflow.

The BSE gauge was trading 690.51 points lower at 58,774.11 in early trade. Likewise, the Nifty fell 194.10 points to 17,562.90.

Bajaj Finserv was the top loser in the Sensex pack, shedding 2.59 per cent, followed by Infosys, Dr Reddy’s, Tech Mahindra, Sun Pharma, Wipro, and IndusInd Bank.

On the other hand, PowerGrid and HUL were the only gainers.

In the previous session, the 30-share BSE index ended 634.20 points or 1.06 per cent lower at 59,464.62. Similarly, the NSE Nifty plunged 181.40 points or 1.01 per cent to 17,757. Sectorally, auto and FMCG were the only gainers on the Nifty.

Midcap and smallcap shares were in the negative zone as Nifty Midcap 100 index fell 0.82 per cent and smallcap shares were trading 0.77 per cent down.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading with deep losses in mid-session deals.

Asian share markets and U.S. futures fell after U.S. stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data.

Stock exchanges in the US witnessed intense sell-off in the overnight session.

Meanwhile, international oil benchmark Brent crude declined 2.03 per cent to $86.59 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 4,679.84 crore on Thursday, according to stock exchange data.