Sensex falls 354 points in early trade; Nifty tests level 17,700

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HDFC, HDFC Bank, Titan, Wipro, TCS, Nestle and Reliance Industries Limited were the main drags in early trading

HDFC, HDFC Bank, Titan, Wipro, TCS, Nestle and Reliance Industries Limited were the main drags in early trading

Sensex declined for a third straight day on Thursday, falling 354.54 points in early trade as profit-taking in HDFC twins and weak global stocks continued to drag the benchmark index lower.

The 30-piece Sensex slumped 354.54 points to 59,255.87 points, while the wider Nifty 50 fell 91.35 points to 17,716.30 points.

HDFC, HDFC Bank, Titan, Wipro, TCS, Nestle and Reliance Industries Limited were the main drags in early trading. In contrast, Dr. Reddy’s, NTPC, Axis Bank and Sun Pharma among the winners.

On Wednesday, the BSE barometer fell 566.09 points to 59,610.41 points, while the Nifty fell 149.75 points to 17,807.65 points.

In Asia, Hong Kong, Seoul, Shanghai and Tokyo markets traded lower on deals during the session. Stocks in the US also closed lower in the overnight session.

“The recent market weakness is partly due to increasingly hawkish comments from the US Federal Reserve,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

International oil benchmark Brent rose 1.71% to $102.80 a barrel.

“Nasdaq closed 2.22 percent lower yesterday after minutes from the US Federal Reserve’s March meeting showed that the central bank will act aggressively to counter inflation. European indices also closed lower yesterday. All major Asian markets are trading in negative territory for the start of Thursday trading,” said Mohit Nigam, Head – PMS at Hem Securities.

Overseas institutional investors sold shares worth ₹2,279.97 crore on Wednesday, stock market data showed.

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