Equity benchmark Sensex tumbled by 433 points on Thursday tracking losses in index majors ICICI Bank, HDFC and SBI amid mounting inflationary pressure in the global market and foreign fund outflows
SBI was the top loser in the Sensex pack, shedding around 3 per cent, followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, Bajaj Finance and Axis Bank.
On the other hand, Titan, M&M, Reliance Industries and TCS were among the gainers.
“Indian markets opened on a negative note following mixed Asian market cues and higher than expected inflation data reported in US raising concerns of an earlier-than-expected hike in interest rates in the world’s largest economy,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.
Further, he noted that continuous foreign fund outflows subdued traders’ sentiments. FIIs have sold equities worth ₹5,515 crore so far this month.
Elsewhere in Asia, bourses rebounded in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red.