Sensex falls over 500 points while Nifty around 17,100 in early trade

The Sensex fell more than 540 points in early trade on Thursday, mirroring losses in banking and financial companies amid a negative trend in global equity markets. The 30-share BSE index was down 546.31 points at 57,138.51. Similarly, the NSE Nifty fell 154.5 points to 17,091.15.

Also Read| ZEEL shares hit 15% upper circuit after Invesco withdraws EGM requisition

Kotak Mahindra Bank, Titan, ICICI Bank, HDFC Bank, HDFC, IndusInd Bank, Bajaj Finance, and Axis Bank were the main drags in early trade from the 30-share group. Dr Reddy’s Laboratories, ITC, TCS, and Tata Steel, on the other hand, gained.

Also Read| Fuel prices: Petrol priced at Rs 97.01, diesel Rs 88.27 in Delhi on March 24, 2022

“The market now lacks direction and is moving up or down on a daily basis responding to news regarding crude price, FPI flows and speculation on what the Fed might do in the coming policy meets,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Also Read| US Stock Market: DJIA, S&P500, Nasdaq and Russell ended over 1% down on Wednesday

The BSE barometer fell 304.48 points, or 0.53%, in the previous trade to end at 57,684.82. The Nifty finished at 17,245.65, down 69.85 points or 0.4%.

Also Read| Trade Setup: Top 15 things to know before market opens on March 24, 2022

In mid-session trades, equity markets in Tokyo, Seoul, and Shanghai were quoted down, while Hong Kong traded modestly higher. In the overnight session, stock markets in the United States closed on a negative note.

Also Read| Trending Stocks: Ruchi Soya, L&T, Nalco, Hero MotoCorp and others in news today

According to stock market statistics, foreign institutional investors (FIIs) were net purchasers on Wednesday, purchasing shares worth Rs 481.33 crore.

Also Read| Stocks that should be on your watchlist on Thursday, March 24, 2022

Meanwhile, Brent crude, the international oil benchmark, rose to USD 120.88 per barrel. In early trade, the rupee is up 4 paise against the US dollar, trading at 76.35.