The Sensex plummeted more than 100 points in early trade on Thursday, mirroring losses in index heavyweights Infosys, Reliance Industries, and TCS, amid a bearish trend in global markets and continuing foreign investment outflows.

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Despite starting on a bright note, the 30-share index fell 112.13 points, or 0.19%, to 59,896.20. Likewise, the Nifty dropped 35.95 points, or 0.20%, to 17,862.70.

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M&M was the Sensex pack’s biggest loss, losing more than 1%, followed by HCL Tech, Tech Mahindra, Dr. Reddy’s, Maruti, Bajaj Auto, and TCS. On the other hand, SBI, HDFC Bank, ITC, Bajaj Finserv, and Bajaj Finance were among the gainers.

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The Sensex closed 314.04 points or 0.52% down at 60,008.33, extending losses, while the Nifty lost 100.55 points or 0.56% to 17,898.65.

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According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, offloading shares worth Rs 344.35 crore.

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“The market’s momentum has recently deteriorated, and the market looks to be in a risk-off posture.” High valuations, a downgrade of India by many international brokerages, RBI warnings, and continuous selling by FIIs have all contributed to the market’s downturn,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Fresh COVID cases in regions of Europe are causing alarm throughout the world. There is concern that further COVID-related interruptions could exacerbate supply-side concerns, adding fuel to the inflation fire, he said.

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In other Asian markets, bourses in Shanghai, Hong Kong, Tokyo, and Seoul were trading down in mid-session trades. In the overnight session, stock markets in the United States also ended in the red.

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Meanwhile, Brent crude, the international oil benchmark, slid 0.54% to USD 79.84 a barrel. In early trade, the rupee rises 11 paise to 74.17 against the US dollar.

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