Stock Market Falls In Early Trade, With Sensex Dropping Nearly 675 Points

Equity benchmark indices tumbled in early trade on Wednesday, with Sensex down more than 675 points, reflecting negative cues in the global market as higher-than-expected inflation data in the United States hit investor sentiments.

The broader 50-share Nifty was down 187.85 points or 0.86 percent to 21,555.40, while the 30-share Sensex dropped 675.79 points or 0.94 percent to 70,879.40.

The most recent inflation report from the United States has upended expectations of when the Federal Reserve would begin lowering interest rates.

As many as 27 stocks in the Sensex index plunged. Infosys, Tech Mahindra, Wipro, HDFC Bank, and TCS were among the worst losers in the early session.

In the Nifty pack, 44 stocks were down.

On Wednesday, Asian markets showed conflicting tendencies, with Japan’s Nikkei 225, South Korea’s Kospi, and Hong Kong’s Hang Seng indices falling, while China’s SSE Composite Index rose more than 1 percent.

On Tuesday, US and European stocks closed lower.

According to data exchange, Foreign Portfolio Investors (FPIs) brought securities worth Rs 376.32 crore on Tuesday.

On Tuesday, the BSE Sensex climbed 482.70 points to 71,555.19, while the broader NSE Nifty rose 127.20 points to 21,743.25.

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