Mumbai, Sep 9: Domestic equity benchmark Sensex tumbled over 250 points in early trade on Wednesday tracking losses in index-heavyweights HDFC Bank, ICICI Bank and ITC amid intense selloff in global markets.

The 30-share BSE index was trading 255.26 points or 0.67 per cent lower at 38,110.09; while the NSE Nifty dropped 79 points or 0.70 per cent to 11,238.35.

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ONGC was the top loser in the Sensex pack, shedding around 3 per cent, followed by Tata Steel, SBI, NTPC, ITC and Bajaj Finserv. On the other hand, Reliance Industries, Asian Paints, Infosys and Tech Mahindra were among the gainers.

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In the previous session, Sensex ended 51.88 points or 0.14 per cent lower at 38,365.35; while the NSE Nifty slipped 37.70 points or 0.33 per cent to 11,317.35.

Exchange data showed that foreign institutional investors sold equities worth Rs 1,056.52 crore on a net basis on Tuesday.

Domestic equities opened on a negative note tracking weak cues from global equities after late-stage studies of AstraZeneca's COVID-19 vaccine candidate were put on temporary hold, traders said.

The company is in the process of investigating whether a recipient's "potentially unexplained" illness is a side effect of the shot.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with intense losses in mid-session deals.

Stock exchanges on Wall Street witnessed massive selloff in overnight sessions. Global oil benchmark Brent crude was trading 0.90 per cent lower at USD 39.42 per barrel.

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