Sensex dives 1,155 points in early trade amid weak global markets

Equity benchmarks fell sharply on Thursday, following the weakest trend in global markets, with the Sensex down 1,154.78 points in early trading.

Continuous foreign fund inflows and a surge in crude oil prices also dampened the sentiment.

The 30-share BSE benchmark was trading at Rs 53,053.75, down 1,154.78 points. The broad-based NSE Nifty dipped 335.65 points to 15,904.65.

Sensex firms, Tech Mahindra, Bajaj FinServe, Infosys, Wipro, Tata Steel, HCL Technologies, Bajaj Finance and State Bank of India were the major retailers. ITC was the only profitable one out of the 30-share pack.

Asian markets are trading lower in Seoul, Shanghai, Hong Kong and Tokyo.

US stock exchanges fell sharply on Wednesday.

“US markets have seen worse sales since June 2020 as fears of inflation soared,” said Mohit Nigam, PMS head of hem securities.

Meanwhile, the international oil standard, Brent crude, rose 1.61 percent to USD 110.87 per barrel.

Foreign institutional investors continued to offload shares of value 1,254.64 crore on Wednesday, according to stock exchange data.

The BSE benchmark fell 109.94 points, or 0.20 per cent, to 54,208.53 on Wednesday. The NSE Nifty fell 19 points, or 0.12 per cent, to 16,240.30.

“Rising inflation, fears of recession, and worsening macroeconomic expectations that the Federal Reserve is hoping to get right will continue to push the benchmark. Another major cause of pessimism is the relentless sell-off from the FII camp,” said Mehta Equities Limited vice president (research).

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