Sensex tanks over 600 points in early trade; Nifty slips below 11,000

MUMBAI: Equity benchmark Sensex plunged over 600 points in early trade on Thursday, tracking massive sell-off in global stocks amid heavy foreign fund outflow.

After sinking 609.63 points, the 30-share index was trading 571.26 points or 1.52 per cent lower at 37,097.16, and the NSE Nifty cracked 169.40 points or 1.52 per cent to 10,962.45.

All Sensex components were in the red with M&M, Bajaj Finance, IndusInd Bank, Maruti, Axis Bank, Bajaj Finserv and ICICI Bank shedding up to 3 per cent. In the previous session, Sensex settled 65.66 points or 0.17 per cent lower at 37,668.42, while Nifty shed 21.80 points or 0.20 per cent to close at 11,131.85.

Exchange data showed that foreign institutional investors sold equities worth Rs 3,912.44 crore on a net basis on Wednesday.

According to traders, heavy sell-off in US equities in overnight session, negative cues from Asian peers and foreign fund outflow hit investor sentiment here.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-day deals tracking weakness on Wall Street.

Stock exchanges in the US ended up to 3 per cent lower in overnight session on concerns over economic recovery.

Meanwhile, international oil benchmark Brent crude was trading 1.03 per cent lower at USD 41.34 per barrel.