Equity benchmark Sensex slumped over 500 points in early trade on Wednesday, tracking losses in index majors HDFC Bank, ICICI Bank and Infosys amid a heavy selloff in global markets.
The 30-share Sensex was trading 501.74 points or 0.84 per cent lower at 59,165.86. Similarly, the Nifty declined 135.05 points or 0.76 per cent to 17,613.55.
ICICI Bank was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by HDFC Bank, Maruti, Bajaj Auto, Infosys and Bajaj Finserv.
On the other hand, Dr Reddy’s, Tata Steel, Sun Pharma and Nestle India were among the gainers.
In the previous session, the 30-share index ended 410.28 points or 0.68 per cent lower at 59,667.60, and Nifty declined by 106.50 points or 0.60 per cent to close at 17,748.60.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,957.70 crore on Tuesday, as per exchange data.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the surge in the benchmark US 10-year yield to 1.546 per cent spooked equity markets in the US with cuts of above 2 per cent in S&P 500 and Nasdaq.
(With inputs from PTI)
