Sensex tanks over 400 pts on global selloff

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Mumbai: Domestic equity benchmark BSE Sensex cracked over 400 points in early trade Monday dragged by losses in HDFC twins, L&T and RIL stocks, amid heavy selloff in global equities.

The 30-share index was trading 405.67 points, or 1.03%, lower at 39,107.72 at 0930 hours. Similarly, the broader Nifty sank 128 points, or 1.08%, to 11,683.15.

Top losers in the Sensex pack included Hero MotoCorp, L&T, Maruti, Bajaj Auto, M&M, Tata Motors and HUL, falling up to 3.44%.bWhile, Yes Bank, HCL Tech, Sun Pharma, Infosys, ITC, Vedanta and PowerGrid were among the gainers, rising up to 6%.

In the previous session, the 30-share gauge finished 394.67 points, or 0.99%, lower at 39,513.39, and the Nifty sank 135.60 points or 1.14%, to 11,811.15, after the Union Budget proposal to raise public shareholding threshold fanned fears of oversupply of new papers in an already overbought market.

On a net basis, foreign institutional investors sold equities worth Rs 89.38 crore, while domestic institutional investors purchased shares to the tune of Rs 275.63 crore, provisional data available with stock exchanges showed Friday.

Besides overhang from the Union Budget, domestic equities extended losses tracking a major selloff in global equities, traders said.

Other Asian markets opened significantly lower as hopes of steep cuts in interest rates by the US Federal Reserve faded after the world’s largest economy posted better-than-expected jobs data Friday.

Shanghai Composite Index plunged 2.46%, Hang Seng 1.64 per cent, Nikkei 0.99% and Kospi tumbled 1.85% in their respective early sessions.

On the currency front, the Indian rupee depreciated 15 paise to 68.57 against the US dollar.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.06% higher at 64.27 per barrel.

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