Sensex gains 246 points in early trade amid weakness in Asian markets

Stock indices continued to fall for the third day in a row on Thursday, with the Sensex losing 246 points in early trading amid weakness in Asian markets.

The 30-stock BSE Sensex traded 246.06 points lower at 55,135.11. The broader NSE Nifty fell 79.7 points to 16,443.05.

From the Sensex pack, Power Grid, Larsen & Toubro, Bharti Airtel, ITC, Hindustan Unilever and HDFC were the biggest stragglers.

On the other hand, Reliance Industries, TCS, IndusInd Bank and State Bank of India were among the main gainers.

Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul were trading lower, while Shanghai was trading in the green.

Stock markets in the United States ended lower on Wednesday.

The Sensex fell 185.24 points or 0.33% to settle at 55,381.17 on Wednesday. The Nifty fell 61.80 points or 0.37% to end at 16,522.75.

Meanwhile, the international crude oil benchmark Brent fell 1.56% to $114.48 a barrel.

Foreign institutional investors dumped stocks with net worth 1,930.16 crore on Wednesday, according to stock market data.

“Inflation fears as well as upcoming interest rate hikes are back on the front pages. REIT exits are also seen as shaking sentiment,” said Prashanth Tapse, vice president (Research) at Mehta Equities Ltd.

Garland K. Long