Sensex dips 600 points, Nifty falls by 182 points in early trade

The Sensex fell 609 points in opening trade on Wednesday, following a downtrend in Asian markets. In early trading, the Sensex slid 608.8 points to 56,498.72. The Nifty fell 182 points to 16,825.40.

Also Read| Trending Stocks: BPCL, Reliance, Dish TV and others in news today

The top laggards in the 30-share Sensex group were NTPC, IndusInd Bank, HDFC, Axis Bank, Reliance Industries, ITC, HDFC Bank, and Asian Paints. Among the winners were Sun Pharma, Mahindra & Mahindra, Dr Reddy’s, and Power Grid.

Also Read| Stocks to watch on Wednesday, September 28, 2022

All the Asian markets are trading in the red with Nikkei 225 falling 539.31 points or 2.03% to 26,032.56, Straits Times dropping 39.80 points or 1.26% to 3,125.70, Hang Seng tumbled 427.65 points or 2.39% to 17,432.66, Taiwan Weighted sank 257.62 points or 1.86% to 13,568.97, KOSPI lost 61.92 points or 2.78% to 2,161.94, Jakarta Composite plunged 0.43 points or 0.01% to 7,112.02 and Shanghai Composite was down by 23.22 points or 0.75% to 3,070.64.

Also Read| Trade Setup: Top 14 things to know before market opens on September 28, 2022

The US markets concluded on a mixed note on Tuesday. The S&P 500 dropped 7.75 points, or 0.21%, to 3,647.29. The Dow Jones Industrial Average tumbled 125.82 points, or 0.43%, to 29,134.99. The Nasdaq composite climbed 26.58 points, or 0.25%, to 10,829.50. The Russell 2000 index of smaller companies increased 6.63 points, or 0.40%, to 1,662.51.

Also Read | iPhone 14 production in India begins ahead of schedule as Foxconn resolves supply chain woes

“FIIs have been deserting local equities in recent sessions and this could also dent market sentiment. The street is now anxiously awaiting the RBI September MPC meet outcome to trickle in on Friday,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Limited.

On Tuesday, the Sensex fell 37.70 points, or 0.07%, to 57,107.52. The Nifty fell 8.90 points, or 0.5%, to 17,007.40.

Also Read | Supreme Court to hear pleas challenging constitutional validity of demonetisation

Foreign institutional investors (FIIs) have sold shares worth a net Rs 2,823.96 crore, whereas domestic institutional investors (DIIs) purchased shares worth a net Rs 3,504.76 crore on September 27, as per provisional data available on the NSE.

Separately, Brent crude, the international oil benchmark, fell 1.25% to USD 85.19 a barrel. The rupee fell 40 paise to an all-time low of 81.93 versus the US dollar in opening trade on Wednesday, as the American currency strengthened and investors became more risk-averse.