Equity benchmark Sensex plunged over 500 points in early trade on Friday, tracking losses in index majors HDFC twins, ICICI Bank and Infosys amid sustained foreign fund outflow and a weak trend in global markets.
Maruti was the top loser in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Bajaj Finserv, ICICI Bank, Bharti Airtel and HDFC.
On the other hand, PowerGrid, NTPC, Bajaj Auto, M&M and Dr Reddy’s were among the gainers.
In the previous session, the 30-share index ended 286.91 points or 0.48 per cent lower at 59,126.36, and Nifty declined 93.15 points or 0.53 per cent to 17,618.15.
Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 2,225.60 crore on Thursday, as per exchange data.
“The risk-off in equity markets has gathered momentum with sharp cuts in the mother market of the US. The Dow and S&P 500 are now more than 5 per cent off from their record highs. Markets, globally, have turned weak,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.