Sensex Tanks 750 Points, Nifty Below 17,400 On Weak Global Cues

In the broader markets, the BSE Midcap and Smallcap indices were also in the red zone, down 0.77 and 0.9 per cent, respectively

New Delhi: The key Indian equity benchmarks, Sensex and Nifty, on Friday slumped amid sell-off across all sectors led by weak global cues. The indices started its opening trade on a negative note, a day after the RBI announced its monetary policy.

At 9.50 am, the BSE Sensex dropped 750 points to 58,176, while the NSE Nifty lost 210 points to 17,395.

In the broader markets, the BSE Midcap and Smallcap indices were also in the red zone, down 0.77 and 0.9 per cent, respectively.   

Among the 30-share Sensex platform, M&M, IndusInd, and Tata Steel were in the green, while IT majors Infosys, Wipro, HCL Tech and Tech Mahindra were the top losers, lower by over 2 per cent each. Other losers included Bajaj Twins, HDFC, Dr Reddy’s, Kotak Bank, Titan, TCS, and ICICI Bank. On the Nifty, HeroMoto Corp, Cipla, and Eicher Motors were the additional top losers, down up to 1.6 per cent.

In the previous session, the 30-share BSE Sensex settled 460.06 points higher at 58,926.03. Likewise, the broader NSE Nifty jumped 142.05 points to end at 17,605.85.

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.

On the other hand, international oil benchmark Brent crude slipped 0.16 per cent to $91.26 per barrel.

Meanwhile, declining for a third day in a row, the rupee slid by 10 paise to close at 74.94 against the US currency on Thursday after the RBI kept key policy rates unchanged and said it will continue with the accommodative stance.