Sensex falls over 270 points while Nifty around 16,280 in early trade

The Sensex plummeted nearly 277 points in early trade on Thursday, reflecting losses in index mainstays Asian Paints, TCS, and HCL Tech amid a worldwide market downturn.

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In early trade, Sensex was down 277.91 points, or 0.51%, at 54,614.58. Similarly, the Nifty fell 76.40 points, or 0.47%, to 16,279.85.

Asian Paints was the Sensex pack’s biggest loss, down 1.85%, followed by HCL Tech, TCS, UltraTech Cement, Nestle India, HUL, and Titan.

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Sensex fell 214.85 points, or 0.39%, to settle at 54,892.49 in the previous session. The broader NSE Nifty fell 60.10 points, or 0.37%, to 16,356.25.

The Reserve Bank of India (RBI) raised the policy rate on expected lines on Wednesday, and dramatically increased the inflation projection for the current fiscal year due to geopolitical concerns and supply chain difficulties.

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The RBI hiked the key interest rate by 50 basis points, the second rise in five weeks, to combat inflation, which it said would continue to harm consumers in the near term.

In other Asian markets, Hong Kong, Seoul, and Shanghai were all down in mid-session trade, while Tokyo was up.

In the overnight session, stock markets in the United States closed considerably down.

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According to stock exchange statistics, Foreign Institutional Investors (FIIs) continued to be net sellers in the capital market on Wednesday, selling shares worth Rs 2,484.25 crore.

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Meanwhile, Brent crude, the international oil standard, increased 0.26% to USD 123.90 per barrel. In early trade on Thursday, the rupee fell 10 paise to 77.78 against the US dollar, as rising crude oil prices and continued foreign capital outflows impacted on market mood.