The Sensex fell more than 1,100 points, or 2%, in early trade on Thursday, mirroring losses in index-majors Titan, Wipro, and the HDFC twins amid a negative trend in Asian markets.

Traders said the US Federal Reserve’s indication that interest rates will be raised soon, as well as persistent foreign fund outflows, weighed on market sentiment.

In early trade, the BSE index was down 1.155.61 points, or 2%, at 56,702.54. Similarly, the Nifty fell 329.15 points, or 1.91%, to 16,948.80.

Titan was the Sensex pack’s biggest loss, falling 4.06%, followed by Wipro, Dr Reddy’s, HDFC Bank, Tech Mahindra, and Infosys. On the other hand, Maruti and NTPC were the gainers.

On Wednesday, the equity, forex, and bullion markets were closed in observance of Republic Day. The US Federal Reserve signalled on Wednesday that it may hike interest rates in March to combat inflation.

The 30-share BSE Sensex closed 366.64 points, or 0.64% higher, at 57,858.15 on Tuesday. Similarly, the NSE Nifty increased 128.85 points, or 0.75%, to 17,277.95.

In other Asian markets, bourses in Shanghai, Hong Kong, Seoul, and Tokyo were trading with significant losses in mid-session trades. In the overnight session, stock markets in the United States closed on a mixed note.

According to provisional statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital markets on Tuesday, withdrawing Rs 7,094.48 crore.

Meanwhile, Brent crude, the international oil standard, increased 0.93% to USD 89.12 per barrel. In early trade, the rupee falls 40 paise to 75.18 against the US dollar.