The Sensex fell more than 200 points in early trade on Wednesday, owing to losses in IT and banking stocks amid negative global trends.

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In early trade, the 30-share barometer fell 208.38 points, or 0.34%, to 60,546.48. The NSE Nifty fell 84.95 points, or 0.47%, to 18,028.10, with 38 of its participants trading in the red.

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Among the big Sensex losers, Infosys fell 1.7%, Wipro fell 1.4%, Tech Mahindra fell 1.7%, TCS fell 0.7%, and HCL Tech fell 1.9%, mirroring a global drop in technology companies. Among banking stocks, IndusInd Bank sank 1.33%, while the HDFC twins slid up to 0.8%.

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Maruti Suzuki and M&M, on the other hand, increased by more than 1%. Bajaj Finance increased by 3.34%, while Bajaj Finserve increased by more than 1% while Tata Steel, Reliance Industries, Power Grid, and Titan all rose, minimizing the major index’s losses.

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According to stock exchange statistics, foreign investors continued to be net sellers in Indian equities markets on Tuesday, offloading stocks worth Rs 1,254.95 crore.

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Asian markets were trading down on Tuesday, after a wide sell-off on Wall Street, as bond yields rose amid increased fears that the US Federal Reserve could move more aggressively than expected to combat rising inflation.

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Due to heavy losses in technology equities, the S&P 500 plummeted 1.8%, the Dow Jones sank 1.5%, and the Nasdaq fell 2.6%.

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According to experts, mounting expectations of a rate hike by the US Federal Reserve have kept Treasury rates climbing. On Tuesday, the 10-year Treasury note touched 1.87%, its highest level since January 2020.

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Meanwhile, Brent crude, the international oil benchmark, increased 1.15% to USD 88.52 per barrel. In early trade, the rupee slips 12 paise to 74.70 against the US dollar.