The Sensex fell more than 150 points in early trade on Friday, reflecting losses in index mainstays Reliance Industries, HDFC twins, and TCS amid a worldwide market downturn.

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In early trade, the 30-share index fell 186.36 points, or 0.32%, to 58,620.77. Likewise, the Nifty fell 46.65 points, or 0.27%, to 17,470.20.

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Tech Mahindra was the Sensex pack’s biggest loss, down roughly 1%, followed by Axis Bank, Reliance Industries, Titan, and HCL Tech. On the other hand, Asian Paints, Sun Pharma, M&M, IndusInd Bank, Tata Steel, and Maruti were among the gainers.

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The 30-share market benchmark closed the previous session 157.45 points or 0.27% higher at 58,807.13, while the Nifty advanced 47.10 points or 0.27% to 17,516.85.

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According to exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Thursday, selling shares worth Rs 1,585.55 crore.

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“At 17,500, the Nifty is trading at about 20 times one year projected profits, which is 40% more than the long-term average.”

“Because values remain elevated even after the correction, FIIs are likely to continue selling.” In the short run, this will limit the market’s potential,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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In other Asian markets, bourses in Shanghai, Tokyo, Seoul, and Hong Kong were trading down in mid-session trades. In the overnight session, stock markets in the United States also ended in the red.

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Meanwhile, Brent crude, the international oil benchmark, fell 0.05% to USD 74.38 a barrel. Rupee drops 5 paise to 75.65 against US dollar in opening trade.