Sensex tanks over 480 points while Nifty around 17,800 in early trade

The Sensex plummeted more than 480 points in early trade on Wednesday, falling below 60,000, pulled down by banking and financial companies on negative global trends.

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In early trade, the 30-share BSE Sensex was trading 481.86 points down at 59,694.64. Similarly, the NSE Nifty fell 138.25 points to 17,819.15.

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HDFC Bank, HDFC, Kotak Mahindra Bank, Wipro, M&M, Axis Bank, and Kotak Mahindra Bank were the main laggards in early trade within the 30-share pack. NTPC, Tata Steel, Larsen & Toubro, and UltraTech Cement, on the other hand, were among the winners.

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The BSE Sensex fell 435.24 points, or 0.72%, to 60,176.50 on Tuesday. Likewise, the NSE Nifty fell 96 points, or 0.53%, to 17,957.40.

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“Investors continue to closely observe the developments of the Russia-Ukraine crisis as the western countries prepare to expand sanctions,” according to Mitul Shah, Head of Research at Reliance Securities.

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Other Asian bourses were trading down in Shanghai, Hong Kong, Tokyo, and Seoul. On Tuesday, US indices finished down as well.

According to stock exchange statistics, foreign portfolio investors (FPI) purchased shares worth Rs 374.89 crore on Tuesday.

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Meanwhile, Brent crude, the international oil benchmark, rose 0.22% to USD 106.75 a barrel. In early trade, the rupee slips 24 paise to 75.53 against the US dollar.