India News | Sensex Tanks over 540 Points in Early Trade on Weak Global Cues
Get latest articles and stories on India at LatestLY. Equity benchmark Sensex tumbled over 540 points in opening trade on Thursday, tracking losses in banking and financial stocks amid a weak trend in global equity markets.
Mumbai, Mar 24 (PTI) Equity benchmark Sensex tumbled over 540 points in opening trade on Thursday, tracking losses in banking and financial stocks amid a weak trend in global equity markets.
The 30-share BSE benchmark was trading 546.31 points lower at 57,138.51. Similarly, the broader NSE Nifty declined 154.5 points to 17,091.15.
From the 30-share pack, Kotak Mahindra Bank, Titan, ICICI Bank, HDFC Bank, HDFC, IndusInd Bank, Bajaj Finance and Axis Bank were the major drags in early trade.
In contrast, Dr Reddy's Laboratories, ITC, TCS and Tata Steel were among the gainers.
Also Read | WhatsApp Rolls Out Multi-Device Support for All Users: Report.
"The market now lacks direction and is moving up or down on a daily basis responding to news regarding crude price, FPI flows and speculation on what the Fed might do in the coming policy meets," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In the previous trade, the BSE barometer declined 304.48 points or 0.53 per cent to settle at 57,684.82. The Nifty dipped 69.85 points or 0.4 per cent to finish at 17,245.65.
Equity exchanges in Tokyo, Seoul and Shanghai were quoting lower in mid-session deals, while Hong Kong traded marginally higher.
Stock exchanges in the US ended on a negative note in the overnight session.
Meanwhile, international oil benchmark Brent crude surged to USD 120.88 per barrel.
Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 481.33 crore on Wednesday, according to stock exchange data.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)