The S&P BSE Sensex index tanked as much as 514.23 points to 48,988.18 in the first few minutes of trade and the broader NSE Nifty 50 benchmark slid to as low as 14,771.40, shedding 170.95 points from its previous close.
was the top percentage loser in the Nifty50 pack, trading 2.80 per cent lower in early deals. Tata Steel, JSW Steel, , HDFC and Bajaj Auto were among other laggards.
On the other hand,
was the top gainer, up 2.01 per cent. Coal India, Indian Oil, UPL and NTPC were among other gainers.
In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.7 per cent, with Australian stocks off 1.2 per cent and Tokyo’s Nikkei 2.63 per cent lower. China’s blue-chip CSI300 index fell 0.77 per cent in morning trade, while Hong Kong’s Hang Seng index opened down 2 per cent.
Overnight on Wall Street, benchmark indices closed lower as inflation jitters drove investors away from market-leading growth stocks in favor of cyclicals, which stand to benefit most as the economy gathers momentum.
The Dow Jones Industrial Average pulled back from record highs hit earlier in the U.S. day. The S&P 500 extended losses to 1 per cent, and the tech-heavy Nasdaq Composite fell 2.55 per cent.
Back home, analysts awaited more large cap companies to report their quarterly earnings for cues.
THIS IS A DEVELOPING STORY. MORE TO COME…
