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Sensex tanks with over 400 points in early trading. Index Major HDFC, ICICI Bank Truck Loss-Business News,

The BSE index was trading at 48,758.65, down 403.16 points (0.82% down), while NSE Nifty was down 112.80 points (0.76%) to 14,737.95.

Representative image. News18

Mumbai: Equity benchmark Senssex fell more than 400 points in early Wednesday trading, tracking losses for index majors HDFC Twin, Reliance Industries and ICICI Bank in negative clues from the global market.

The 30-share BSE index was trading at 403.16 points, or 0.82% lower, at 48,758.65 in the first trade. Similarly, the broader NSE Nifty fell 112.80 points or 0.76 percent to 14,737.95.

HDFC was the biggest loser in the Sensex pack, below 2%, followed by M & M, HUL, Nestle India, Tech Mahindra and ICICI Bank.

Meanwhile, PowerGrid, NTPC, L & T, SBI and ONGC made a profit.

In the previous session, Sensex closed at 49,161.81, down 340.60 points (0.69%), and Nifty closed at 14,850.75, down 91.60 points (0.61%).

Foreign institutional investors (FII) were net selling in the capital markets as they offloaded Rs 33.6 billion worth of stocks on Tuesday, according to data from the interim exchange.

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the global market is currently sandwiched between two opposing forces: economic recovery and inflation concerns. The former is positive, but the latter is negative. From now on, market trends will depend on which of the two wins is better than the other.

Year-over-year inflation in the United States is expected to be around 3.6%, which may not be sustainable as it is driven primarily by basic effects. But if inflation data from the previous month shows a surge, the dovish Fed will be forced to take it seriously.

He said the fact that the market is a little worried about rising inflation is reflected in the US dime yield of over 1.6%.

“Therefore, this space needs attention. Meanwhile, in India, Q4 results remain good and small and medium-capitalization performance is better than expected. Market movements are stock-specific based on results. It could be something like that. “

Market participants will also be looking at domestic inflation and industrial production data, which will be released that day, according to traders.

Elsewhere in Asia, stock exchanges in Shanghai, Hong Kong, Tokyo and Seoul were trading negatively during the session.

On Wall Street, the index ended in the red in an overnight session.

Meanwhile, international oil benchmark Brent crude was trading at $ 68.30 a barrel, down 0.36%.

Sensex tanks with over 400 points in early trading. Index Major HDFC, ICICI Bank Truck Loss-Business News,

Source link Sensex tanks with over 400 points in early trading. Index Major HDFC, ICICI Bank Truck Loss-Business News,

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