The Indian stock market crashed within minutes of opening today in line with weak global markets. US market tumbled overnight with Dow losing more than 1,250 points and the S&P 500 sinking 4.3 per cent. Reports of high inflation in the US worried traders that the Federal Reserve will continue raising interest rates, adding to risks for the economy.
The S&P 500 crashed 4.3 per cent to 3,932.69. The Dow fell 3.9 per cent to 31,104.97 and the Nasdaq composite closed 5.2 per cent lower, at 11,633.57.
Following suit, Tokyo's benchmark Nikkei 225 lost 2.8 per cent in early trading on Wednesday, to 27,816.58, while Sydney's S&P/ASX 200 declined 2.5 per cent to 6,834.80. In Seoul, the Kospi lost 2.6 per cent to 2,386.29.
Tracking weak cues, the Indian market opened sharply lower today. Sensex fell 1,154 points to 59,417 and Nifty slipped 299 points to 17,771 in early trade. With today's crash, Indian equity indices snapped four days of gaining streak.
Mid-cap and small-cap indices on BSE lost 57 points and 62 points, respectively. IT stocks were the top sectoral losers with their BSE index crashing 843 points. Capital goods, consumer durables and metals stocks were the other major losers in early trade today. Market breadth was negative with 1,303 stocks ending higher against 1,683 stocks falling on BSE. 123 shares were unchanged. Later, the market erased nearly half of its losses. At 10:03 am, Sensex was trading 516 points or 0.85 per cent lower to trade at 60,055. Nifty fell 148 points or 0.82 per cent to trade at 17,922.
Here's a look at top five Sensex losers in early trade today.
Infosys: The IT share was the among the top Sensex losers, with the stock falling 4.25% to Rs 1,479.3. The stock opened 2.91 per cent lower at Rs 1,500 against the previous close of Rs 1,545 on BSE.
Tech Mahindra: The IT stock fell 4.48 % to Rs 1,096 on BSE. The large cap stock opened 3.95% lower at Rs 1102 against the previous close of Rs 1147.35
TCS: The Tata Group stock fell 3.55% to Rs 3,114. 75 against the previous close of Rs 3,229.40. The large cap stock opened at Rs 3,135, falling 2.92% on BSE.
HCL Tech: The IT stock fell up to 3.04% to Rs 926.55 against the previous close of Rs 955. The stock opened at Rs 934 , down 2.26 per cent on BSE.
Wipro: The stock opened with a loss of 3.7% at Rs 407 today against the previous close of Rs 422.65 on BSE. The IT scrip has fallen after 5 days of consecutive gain.
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