Sensex Snaps 3-Day Winning Streak, Sinks 773 Points; Nifty Ends Below 17,400

New Delhi: The key Indian equity benchmarks, Sensex and Nifty, on Friday snapped three-day winning run and tanked 1.3 per cent due to weak global cues and multi-decade high inflation in the US.

According to new data, US inflation came in at an annual 7.5 per cent in January. This was way ahead of expectations and marked the highest year-on-year (YoY) rise in consumer prices since 1982, thus dampening investors’ sentiment worldwide.

The 30-share BSE Sensex plunged 773 points to close at 58,153, while the broader NSE Nifty settled 231 points lower at 17,375.

In the broader markets, the BSE Midcap and Smallcap indices shed about 2 per cent each, clocking weekly losses of up to 3.4 per cent.

All the 15 sector gauges, compiled by the NSE, settled in red. Nifty IT underperformed the index, slipping as much as 2.72 per cent.

IOC, IndusInd Bank, Tata Steel, NTPC, and BPCL were among the gainers.

The main losers were Grasim Industries, Tech M, Infosys, HCL Tech, HDFC, Wipro, UPL, Powergrid, Ultratech Cement, Nestle India, Kotak Bank, Titan Company, TCS, SBI, HDFc Life, Tata Motors, Bajaj twins, and ICICI Bank. All these stocks fell between 1.5 and 3.2 per cent.

Elsewhere in Asia, bourses in Tokyo and Shanghai were trading with gains in mid-session deals, while Hong Kong and Seoul were in the red.

Stock exchanges in the US finished with deep losses in the overnight session, under pressure from crucial US inflation data, falling technology shares and rising benchmark bond yields.

Asian share markets fell on Friday, after red-hot US inflation data and hawkish comments from a Federal Reserve official fuelled bets on US interest rates being hiked more aggressively and sent US Treasury yields jumping. Broader moves across Asian stocks followed US data which showed consumer prices surged 7.5 per cent in January on a year-on-year basis, marking the biggest annual increase in inflation in 40 years.

In the previous session, the 30-share BSE Sensex settled 460.06 points higher at 58,926.03. Likewise, the broader NSE Nifty jumped 142 points to end at 17,605.