The Sensex fell almost 980 points to go below 55,000 in early trade on Friday, reflecting exceptionally dismal global markets.

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In early trade, the 30-share BSE benchmark fell 980.45 points to 54,721.78. The Nifty fell 300.15 points to 16,382.50 on the NSE.

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The Sensex pack as a whole was trading in the red, with Bajaj Finance, HCL Technologies, Bajaj Finserv, Maruti Suzuki India, Wipro, Axis Bank, Tata Steel, and Infosys emerging as the biggest laggards in early trade.

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Markets in Hong Kong, Shanghai, and Korea were trading considerably lower, while Tokyo was trading modestly higher. In the overnight session on Thursday, stock markets in the United States fell dramatically.

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“US markets witnessed a relief rally on Wednesday after the FOMC meeting but it tumbled on Thursday due to more anxiety over rising interest rates. Asian markets are trading in the red in early Friday trade,” said Mohit Nigam, Head – PMS, Hem Securities.

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The BSE benchmark finished at 55,702.23 on Thursday, up 33.20 points or 0.06%. Likewise, the NSE Nifty rose 5.05 points, or 0.03%, to 16,682.65.

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According to stock exchange statistics, foreign institutional investors sold shares worth Rs 2,074.74 crore on Thursday.

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“While intra-day volatility will continue, markets will keep an eye on Reliance Industries’ earnings scheduled to be announced later today. With most of the negative factors in play, FII selling has once again picked up, as overseas investors sold shares worth Rs 2,074.74 crore on Thursday,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.

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Meanwhile, the international oil benchmark Brent crude increased 0.45% to USD 111.40 a barrel. In early trade on Friday, the rupee fell 38 paise to 76.73 against the US dollar, driven down by continued foreign money outflows and rising crude oil prices.