Equity investors became poorer by over ₹5 lakh crore in early trade on Thursday as domestic benchmark indices tumbled mirroring weak trends in global equities.
The 30-share BSE benchmark Sensex tanked 1,154.78 points to 53,053.75 in early deals tracking weak global markets, persistent foreign fund outflows and a spurt in crude oil prices.
The weak broader market trend pulled down the market capitalisation of BSE-listed firms by ₹5,02,731.03 crore to ₹2,50,74,714.78 crore in early trade.
From the Sensex firms, Tech Mahindra, Infosys, Wipro, HCL Technologies, IndusInd Bank and TCS were the biggest laggards. ITC emerged as the only gainer from the 30-share pack.
Asian markets in Seoul, Shanghai, Hong Kong and Tokyo were trading lower.
Stock exchanges in the US had ended significantly lower on Wednesday.
"US markets saw the worst sell-off since June 2020 as inflation fear looms," said Mohit Nigam, Head - PMS, Hem Securities.
Meanwhile, international oil benchmark Brent crude gained 1.63 per cent to $110.89 per barrel.
Foreign institutional investors continued to offload shares worth ₹1,254.64 crore on Wednesday, as per stock exchange data.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.