Sensex Plunges Over 500 Points Amid Weak Global Cues, Nifty Trades Below 15,700

Indian equity benchmarks on Wednesday traded lower in opening deals amid weak cues from the global markets.

Asian stocks declined in early trade today, tracking a poor Wall Street session overnight as the U.S. consumer confidence data dampened investor optimism and fueled worries over a recession.

Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-down start for the domestic indices.

The 30-share BSE Sensex fell 531 points or 1 per cent to 52,646 in early session, while the broader NSE Nifty moved 152 points or 0.96 per cent down to trade at 15,698.

Mid- and small-cap shares were trading on a weak note today as Nifty Midcap 100 tumbled 0.92 per cent and small-cap plunged 1.14 per cent.

The 30-share BSE Sensex fell 531 points or 1 per cent to 52,646 in early session, while the broader NSE Nifty moved 152 points or 0.96 per cent down to trade at 15,698.

Mid- and small-cap shares were trading on a weak note today as Nifty Midcap 100 tumbled 0.92 per cent and small-cap plunged 1.14 per cent.

All 15 sector gauges — compiled by the National Stock Exchange — were trading in the red. Sub-indexes Nifty Bank and Nifty FMCG were underperforming the NSE platform by falling as much as 1.26 per cent and 1.25 per cent, respectively.

On the stock-specific front, Hindustan Unilever was the top Nifty loser as the stock cracked 2.40 per cent to ₹ 2,261.95. IndusInd Bank, Hindalco, Bajaj Fiserv and Wipro were also among the laggards.

The overall market breadth was negative as 659 shares were advancing while 1,442 were declining on BSE.

All the Sensex constituents were trading with losses. On the 30-share BSE index, IndusInd Bank, HUL, Bajaj Finserv, Bajaj Finance, Wipro, Kotak Mahindra Bank, Titan, Asian Paints, Tech Mahindra, L&T, Infosys and HCL Tech were among the top losers.

Also, shares of Life Insurance Corporation of India (LIC), the country’s biggest insurer and largest domestic financial investor, were down 0.67 per cent to trade at ₹ 658.90.

Sensex had edged 16 points or 0.03 per cent higher to close at 53,177 on Tuesday, while Nifty had moved 18 points or 0.11 per cent up to settle at 15,850.