Sensex tumbles 785 factors in early commerce monitoring weak Asian markets; Nifty falls under 17,000

Equity markets opened the commerce on a decrease notice on Monday, extending the day gone by’s fall, with the Sensex tanking 785 factors in early commerce, mirroring an especially weak pattern in Asian markets.

Also, unabated overseas fund outflows and promoting in index majors Reliance Industries, Infosys and TCS added to the weak sentiment.

The BSE benchmark Sensex was buying and selling 785 factors decrease at 56,412.14. The NSE Nifty declined 243.35 factors to 16,928.60.

Among the 30-share Sensex pack, Hindustan Unilever, Tata Steel, IndusInd Bank, Wipro, Larsen & Toubro, Tech Mahindra, Titan, TCS, Asian Paints and Infosys have been the main laggards in early commerce.

In distinction, ICICI Bank and Maruti have been the gainers.

On Friday, the Sensex tanked 714.53 factors or 1.23 per cent to settle at 57,197.15 and the Nifty declined 220.65 factors or 1.27 per cent to 17,171.95.

Elsewhere in Asia, markets in Tokyo, Hong Kong, Seoul and Shanghai have been buying and selling with deep cuts in mid-session offers.

Stocks within the US had additionally ended sharply decrease on Friday.

Meanwhile, worldwide oil benchmark Brent crude declined 2.88 per cent to USD 103.58 per barrel.

Foreign institutional traders continued their promoting spree, offloading shares value Rs 2,461.72 crore on Friday, in accordance with inventory trade knowledge.

“US markets fell by more than 2 per cent on Friday while European markets also fell on Friday. Asian markets are trading in the red in Monday’s trade,” stated Mohit Nigam, Head – PMS, Hem Securities.