The S&P BSE Sensex index slumped as much as 177.76 points to hit 50,015.57 in the first few minutes of trade and the broader NSE Nifty 50 benchmark slid to as low as 15,049.65, down 58.45 points from its previous close.
was the top percentage laggard in the Nifty50 universe, down 5.55 per cent in early deals. ONGC, M&M, Kotak Mahindra Bank and HUL were among other losers.
On the other hand, UPL was the top gainer, up 3.63 per cent. Grasim, Power Grid, UltraTech and SBI were among other top performers.
Analysts awaited more Q4 earnings reports from India Inc for cues.
Indian Oil Corporation, Indiabulls Housing Finance, IRFC, JK Tyres & Industries, Heritage Foods, Tanla Platforms, Prism Johnson, Mas Financial Services, TCI Express, Indo Rama Synthetics, Man Infra, Gravitas India and SML Isuzu are among companies are slated to announce their Jarnuary-March numbers later in the day.
Equities in other Asian markets tracked overnight US declines as concern about faster inflation shadowed the economic recovery from the pandemic.
Japan’s Topix index retreated 0.9 per cent and Australia’s S&P/ASX 200 index 1.6 per cent. The markets in Hong Kong and South Korea were closed for holidays.
Overnight on Wall Street, benchmark indices slipped, as investors retreated from shares of companies closely tied to the economy.
The Dow Jones Industrial Average fell 0.8 per cent, the S&P 500 0.9 per cent and the Nasdaq Composite 0.6 per cent.
THIS IS A DEVELOPING STORY. MORE TO COME…
