Sensex slumps over 1,100 points in early trade; Nifty falls below 16,950

Equity benchmark Sensex tanked over 1,100 points or 2% in opening trade on January 27, tracking losses in index-majors Titan, Wipro and HDFC twins amid a weak trend in the Asian markets.

The U.S. Federal Reserve’s indication to raise interest rates soon and persistent foreign fund outflows weighed on market sentiment, traders said.

The BSE gauge was trading 1,155.61 points or 2% lower at 56,702.54 in early trade. Likewise, the Nifty declined 329.15 points or 1.91% to 16,948.80.

Titan was the top loser in the Sensex pack, shedding 4.06%, followed by Wipro, Dr. Reddy’s, HDFC Bank, Tech Mahindra and Infosys.

On the other hand, Maruti and NTPC were the gainers.

Equity, forex and bullion markets were closed on January 26 on account of Republic Day.

On January 25, the 30-share BSE Sensex finished 366.64 points or 0.64% higher at 57,858.15. Similarly, the broader NSE Nifty rose 128.85 points or 0.75% to close at 17,277.95.

The U.S. Fed on January 26 indicated that it may raise interest rates in March to fight inflation.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with deep losses in mid-session deals.

Stock exchanges in the U.S. ended on a mixed note in the overnight session.

Meanwhile, international oil benchmark Brent crude rose 0.93% to $89.12 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹7,094.48 crore January 25 as per provisional data.

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