Sensex down 433 points; Nifty drops below 17,900 – Times of India

MUMBAI: Equity benchmark Sensex tumbled 433 points on Thursday, tracking losses in index majors ICICI Bank, HDFC and SBI amid rising inflationary pressure in the global market and foreign fund outflows.
The 30-share index closed at 59,919.69, down 433.13 points, or 0.72 per cent. Similarly, Nifty closed at 17,873.60, down 143.60 points or 0.80 per cent.
SBI was the top gainer in the Sensex pack, falling nearly 3 per cent, followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, Bajaj Finance and Axis Bank.
On the other hand, Titan, M&M, Reliance Industries and TCS were among the gainers.
Narendra Solanki, Head of Equity Research, said, “Indian markets opened on a negative note following mixed Asian market cues and higher-than-expected inflation data in the US, raising concerns about pre-expected interest rate hikes in the world’s largest economy.” increased.” (Fundamentals), Anand Rathi.
Besides, he said that frequent foreign fund outflows weakened the sentiments of traders. FIIs have sold shares worth Rs 5,515 crore so far this month.
Elsewhere in Asia, Shanghai, Hong Kong and Tokyo rebounded, while Seoul was in the red.
Europe’s major indices were trading on a positive note in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.63 per cent to $83.16 per barrel.