Sensex slides 200 points amid foreign fund outflows, weak global cues

Equity benchmark Sensex tumbled over 200 points in early trade on Thursday dragged by losses in HDFC Bank, Reliance Industries, Infosys and Kotak Bank amid foreign fund outflows and weak global cues.

After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63. Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys.

On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers.

SIn the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed.

According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome.

The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022.

It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep 
recession with high unemployment.

Stock exchanges on Wall Street ended on a mixed note in overnight trade. Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains. International oil benchmark Brent crude futures fell 2.66 per cent to $ 40.62 per barrel.