The Sensex fell more than 600 points in the first session on Friday, owing mostly to losses in IT and financial equities amid a negative trend in global markets.

In early trade, the BSE index was down 611.54 points, or 1.04%, at 58,314.49. Similarly, the Nifty dropped 168.95 points, or 0.96%, to 17,436.90.

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Infosys was the Sensex pack’s biggest loss, down more than 2%, followed by Wipro, Tech Mahindra, HCL Tech, HDFC, Bajaj Finance, M&M, and Bajaj Finserv. On the other hand, NTPC and Nestle India were the only gainers.

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The 30-share BSE Sensex closed the previous session 460.06 points, or 0.79% higher, at 58,926.03. Likewise, the wider NSE Nifty rose 142.05 points or 0.81% to conclude at 17,605.85.

The Reserve Bank of India (RBI) kept key lending rates at record low levels for the 10th consecutive meeting on Thursday to support the economy’s long-term recovery from the COVID-19 pandemic.

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

Stock markets in the United States closed the overnight session with significant losses, weighed down by critical US inflation data, dropping technology equities, and increasing benchmark bond yields.

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“Stocks were largely lower in Asia on Friday after Treasuries and Wall Street shares sank on a jump in US inflation to a fresh four-decade high that stirred hawkish comments from a Federal Reserve official,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Jasani further added that the US Fed may have to act swiftly and aggressively to make sure inflation doesn’t get any worse.

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“St. Louis Fed Chair James Bullard said the central bank should hike rates by 100 basis points over the next three meetings. He raised the possibility of considering a move in between scheduled policy reviews,” he said.

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According to stock exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Thursday, selling shares worth Rs 1,732.58 crore.

Meanwhile, the international oil benchmark Brent crude fell 0.16% to USD 91.26 a barrel. In early trade, the rupee falls 31 paise to 75.46 against the US dollar.