Stock markets update: Equity benchmark indices tumbled in early trade on Thursday amid weak trends in Asian markets and unabated foreign fund outflows. The 30-share BSE Sensex fell 227.72 points to 70,832.59 in early trade. Meanwhile, the Nifty declined 55.7 points to 21,398.25.
Among the Sensex firms, Tech Mahindra fell nearly 4 per cent after the company on Wednesday reported a 60 per cent decline in net profit to Rs 510.4 crore in the December quarter.
HCL Technologies, Infosys, Wipro, Axis Bank, Tata Consultancy Services, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank were among the other major laggards. IndusInd Bank, NTPC, Hindustan Unilever, and the State Bank of India were among the gainers.
Asian and US markets
In Asian markets, Shanghai and Hong Kong were quoting in the positive territory while Seoul and Tokyo traded lower. The US markets ended on a mixed note on Wednesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,934.93 crore on Wednesday, according to exchange data. Global oil benchmark Brent crude climbed 0.36 per cent to USD 80.33 a barrel.
Rupee opens on a flat note
Meanwhile, the rupee opened on a flat note against the US dollar in the morning session on Thursday, amid a muted trend in domestic equities. Forex traders said the rupee is trading in a narrow range as rising crude oil prices, strong American currency, and sustained foreign fund outflows dented sentiments.
At the interbank foreign exchange, the rupee opened at 83.13 against the dollar and touched an initial high of 83.11 and an early low of 83.14 against the greenback.
(With PTI inputs)
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