Sensex falls nearly 600 points while Nifty around 16,300 in early trade

The Sensex fell about 600 points in morning trade on Friday, led by losses in IT, banking, and finance equities on weak investor mood in global markets.

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Furthermore, traders noted that a lower rupee weighed on domestic equity markets.

In early trade, Sensex down 597.2 points, or 1.08%, at 54,723.08. Likewise, the Nifty fell 176.30 points, or 1.07%, to 16,301.80.

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Wipro led the Sensex pack in losses, falling 3.38%, followed by Tech Mahindra, Tata Steel, Infosys, Kotak Bank, Bajaj Finance, HDFC twins, and TCS. PowerGrid, NTPC, and Titan, on the other side, benefited.

Sensex rose 427.79 points, or 0.78%, to settle at 55,320.28 the previous day. Similarly, the NSE Nifty climbed 121.85 points, or 0.74%, to 16,478.10.

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In other Asian markets, Tokyo, Hong Kong, and Seoul were all trading with significant losses in mid-session trades, while Shanghai was up. In the overnight session, stock markets in the United States finished substantially down.

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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 1,512.64 crore.

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As per rating agency Icra, operating profit margins of information technology companies can moderate by up to 1.50 per cent in the near term as wage cost inflation coming on the back of high attrition hits players in the over USD 200 billion industry.

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Meanwhile, the international oil benchmark Brent crude dropped 0.65% to USD 122.27 per barrel. In early trade on Friday, the rupee fell 8 paise to a record low of 77.82 against the US dollar, reflecting the strength of the greenback in the international market.