Indian benchmark indices continued their losing streak for the fifth session in a row on Thursday, with the Sensex plunging nearly 817 points in early trade, following weak global trends and selling in index heavyweights Reliance Industries and HDFC Bank. Continuous selling by foreign institutional investors also impacted the market sentiment. Also Read |Tibet Airlines plane veers off runway on take-off, catches fire. Video The BSE Sensex was trading 816.78 points lower at 53,271.61. The NSE Nifty fell 234.05 points to 15,933.05. Major laggards from the 30-share Sensex pack were UltraTech Cement, Tata Steel, Bajaj Finance, M&M, IndusInd Bank, HDFC Bank, Bajaj Finserv and Larsen & Toubro. Power Grid emerged as the only gainer. Indian rupee slipped 30 paise to 77.55 against the US dollar in opening trade. Also Read |Phillip Jefferson becomes fourth Black person to serve on Fed Reserve board Among Asian market peers Tokyo, Hong Kong and Seoul were trading lower, while Shanghai quoted marginally higher. US Stock exchanges had settled lower on Wednesday. Asian stocks fell Thursday after elevated US inflation bolstered the case for aggressive monetary tightening and sparked a slide on Wall Street, said Deepak Jasani, Head of Retail Research, HDFC Securities. Also Read |Google joins Amazon in considering a bid for the Indian Premier League Brent crude, the international oil benchmark declined 1.19% to USD 106.22 per barrel. According to stock exchange data, foreign institutional investors sold shares worth Rs 3,609.35 crore on Wednesday. In Wednesday’s trade, the BSE Sensex closed at 54,088.39, lower by 276.46 points or 0.51%. The NSE Nifty declined 72.95 points or 0.45% to settle at 16,167.10. Indian markets are seeing turbulent swings as investors continue to be concerned about rising interest rates, fears about slowing economic growth, and additional tightening measures in China, said Mohit Nigam, Head of PMS at Hem Securities. Also Read |Terra LUNA crash: Here's why the cryptocurrency dropped over 85% V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, inflation continues to be a major headwind for markets. Consumer inflation in the US in April coming at 8.3% reinforces the market's concern about aggressive rate hikes by the Fed and the possibility of a US recession in 2023, he added. Even though domestic institutional investors (DII) buying is more than foreign institutional investors (FII) selling now, that is not enough to lift sentiments in the market since the macro headwinds are strong, Vijayakumar said.