Equity benchmark Sensex plunged over 300 points in early trade on July 24 tracking losses in financial stocks amid global equity selloff.

The 30-share BSE Sensex was trading 307.31 points, or 0.81%, lower at 37,833.16.

Similarly, the NSE Nifty declined 83.10 points, or 0.74%, to 11,132.35.

HDFC was the top laggard in the Sensex pack, shedding around 2%, followed by Axis Bank, Asian Paints, SBI, ICICI Bank, Kotak Bank, IndusInd Bank and HDFC Bank.

On the other hand, Sun Pharma, Reliance Industries, Tech Mahindra and Infosys were among the gainers.

In the previous session, the BSE barometer finished 268.95 points, or 0.71%, higher at 38,140.47, and the Nifty advanced 82.85 points, or 0.74%, to close at 11,215.45.

Foreign institutional investors were net buyers in the capital market on July 23, purchasing equities worth ₹1,740.50 crore, provisional exchange data showed.

According to traders, domestic market turned weak as negative news flow from the U.S. spurred concerns over global economic recovery.

The U.S. got another dose of bad economic news on July 23 as the number of laid-off workers seeking jobless benefits rose last week for the first time since late March, intensifying concerns that the resurgent coronavirus is stalling or even reversing the economic recovery.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading with significant losses.

Stock exchanges on Wall Street too ended on a negative note in overnight session.

Meanwhile, international oil benchmark Brent crude futures fell 0.39% to $43.48 per barrel.