Sensex tanks 300 points, Nifty falls by 90 points in early trade

Indian equity indices opened the day on a bearish tone, after a four-day rise sparked by dismal global market trends and ongoing foreign investment outflows.

In early trade, the Sensex fell 315.91 points to 58,791.28. Similarly, the Nifty dropped 90.2 points to 17,422.05.

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IndusInd Bank, Titan, Mahindra & Mahindra, NTPC, ICICI Bank, HDFC Bank, HDFC, and Maruti were the Sensex pack’s top laggards in early trade. Among the winners were Nestle, Reliance Industries, ITC, and Hindustan Unilever.

Asian markets are trading mostly in red with Nikkei 225 slipping 372.21 points or 1.37% to 26,885.17, Straits Times falling 4.06 points or 0.13% to 3,018.74, Hang Seng plunging 402.75 points or 2.44% to 16,108.53, Taiwan Weighted declined 210.74 points or 1.62% to 12,766.02, KOSPI lost 36.03 points or 1.61% to 2,201.41, Shanghai Composite was down by 11.75 points or 0.39% to 3,032.63, while Jakarta Composite was up by 87.80 points or 1.28% to 6,948.22.

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Wall Street ended in negative territory on Wednesday. The S&P 500 fell 24.82 points, or 0.7%, to 3,695.16. The Dow Jones Industrial Average fell 99.99 points, or 0.3%, to 30,423.81. The Nasdaq fell 91.89 points, or 0.9%, to 10,680.51. The Russell 2000 index of smaller companies fell 30.20 points, or 1.7%, to 1,725.76.

On Wednesday, the Sensex rose 146.59 points, or 0.25%, to 59,107.19. The Nifty rose 25.30 points, or 0.14%, to 17,512.25.

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Foreign institutional investors (FIIs) have sold shares worth a net of Rs 453.91 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 908.42 crore on October 19, as per data available on the NSE.

Brent crude, the international standard for crude oil, was down 0.17% at USD 92.25 a barrel. The rupee fell 6 paise to a record low of 83.06 versus the US dollar in early trade on Thursday, owing to a stronger greenback overseas and continued outflows of foreign funds.