Sensex, Nifty open with a decline of 0.5%; IT, FMCG stocks fall
Equity benchmark Sensex fell over 277 points in early trade on Thursday tracking losses in major indices Asian Paints, TCS and HCL Tech amid a negative trend in global markets.
The 30-share BSE gauge was trading 277.91 points or 0.51 per cent lower at 54,614.58 in early trade. Similarly, the Nifty closed at 16,279.85, down 76.40 points or 0.47 per cent.
Asian Paints was the top loser in the Sensex pack, falling 1.85 per cent, followed by HCL Tech, TCS, UltraTech Cement, Nestle India, HUL and Titan. On the other hand, Dr Reddy’s, Reliance Industries and NTPC were the only gainers.
In the previous session, the 30-share BSE Sensex closed at 54,892.49, down 214.85 points or 0.39 per cent. The broader NSE Nifty ended 60.10 points or 0.37 per cent lower at 16,356.25.
On Wednesday, the Reserve Bank of India (RBI) hiked the policy rate on expected lines but sharply raised the inflation forecast for the current fiscal amid geopolitical tensions and supply chain issues. The RBI hiked the key interest rate by 50 basis points to rein in inflation, the second hike in five weeks, which continued to hurt consumers in the near term.
Elsewhere in Asia, Hong Kong, Seoul and Shanghai were trading with losses in mid-session deals, while Tokyo was in the green. Stock exchanges in the US closed with significant losses in the overnight session.
Meanwhile, international oil benchmark Brent crude rose 0.26 per cent to $123.90 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 2,484.25 crore on Wednesday, according to stock exchange data.