Sensex drops almost 900 points to 58,638, Nifty 274 points in red to 17,486

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Benchmarks began trading on a weak note on Thursday, dragged lower by index majors Reliance Industries, IT and bank meters amid general weakness in global markets.

BSE’s benchmark Sensex fell 898.61 points to 58,638.46 in early trading. Similarly, the NSE Nifty fell 273.75 points to 17,485.55.

In the Sensex pack, Infosys, Tata Consultancy Services, Reliance Industries, HDFC, Tech Mahindra, HDFC Bank, Hindustan Unilever, HCL Technologies and ICICI Bank were among the major laggards.

Bajaj Finserv, Bharti Airtel, Asian Paints and UltraTech Cement were among the winners.

Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong were trading lower, while Shanghai was trading in the green in mid-term trading.

US markets ended lower on Wednesday.

BSE’s 30-stock benchmark index jumped 1,564.45 points or 2.70% to settle at 59,537.07 on Tuesday. The broader NSE Nifty advanced 446.40 points or 2.58% to 17,759.30.

Stock markets were closed on Wednesday because of Ganesh Chaturthi.

“Domestic stocks are expected to decline in early trades on Thursday, following weakness in the Asian pack after US markets weakened overnight,” said Prashanth Tapse – research analyst, senior vice president (research), Mehta Equities Ltd.

Meanwhile, the international oil benchmark, Brent, fell 2.84% to $96.49 a barrel.

Foreign Institutional Investors (FIIs) bought shares worth 4,165.86 crores on Tuesday, according to exchange data.

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