Sensex Plunges Over 650 Points Amid Weak Global Cues, Nifty Trades Below 16,000

Sensex and Nifty started on a lower note today.

New Delhi:

Indian equity benchmarks on Thursday plunged sharply amid weak global cues. Asian stocks fell as the U.S. April inflation data, which stood at persistently high in April, dented investor confidence.

Overnight, U.S. markets whipsawed after the inflation data was released, then closed sharply lower.

The U.S. consumer price index rose 8.3 per cent from a year ago, slower than March's peak of 8.5 per cent, but still near the highest level in over 40 years.

Back home, investors also awaited April's retail inflation data, scheduled to be released at 5:30 pm today.

Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-down start for the domestic indices.

The 30-share BSE Sensex dived 674 points or 1.25 per cent to 53,414 in early trade, while the broader NSE Nifty moved 174 points or 1.08 per cent down to trade at 15,993.

Mid- and small-cap shares were negative as Nifty Midcap 100 fell 1.56 per cent and small-cap slipped 2.10 per cent.

All of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Nifty Private Bank, Nifty Consumer Durables and Nifty IT were underperforming the index by falling as much as 1.82 per cent, 1.81 per cent and 1.72 per cent, respectively.

On the stock-specific front, Tech Mahindra was the top loser as the stock cracked 4.53 per cent to ₹ 1,232.25. Hindalco, IndusInd Bank, Tata Motors and Axis Bank were also among the losers.

In contrast, HCL Tech was trading in the green.

Sensex had slipped 276 points or 0.51 per cent to close at 54,088 on Wednesday, while Nifty had moved 73 points or 0.45 per cent down to settle at 16,167.

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