Sensex sinks 621 pts amid global sell-off

Mumbai:  Equity benchmark Sensex plummeted 621 points on Thursday, weighed by deep losses in index majors HDFC twins, Reliance Industries and TCS amid a sell-off in global markets.

World stocks spiralled lower after minutes of Federal Reserve’s recent meeting indicated that the US central bank may hike interest rates faster to cool inflation, traders said.

The 30-share BSE index ended 621.31 points or 1.03 per cent lower at 59,601.84. Similarly, the NSE Nifty plunged 179.35 points or 1 per cent to 17,745.90.

Tech Mahindra the top loser in the Sensex pack, shedding over 2.5 per cent, followed by UltraTech Cement, Reliance Industries, HCL Tech, HDFC, Kotak Bank, HDFC Bank and TCS.

On the other hand, IndusInd Bank, Bharti Airtel, Maruti, Titan and Bajaj Finance were among the gainers.

As per the US Fed minutes from its December 14-15 policy meeting, policymakers believe the US job market is healthy enough and ultra-low interest rates are no longer needed.

“…quicker than previously anticipated rate hike from the US Fed could witness outflows from the domestic markets and could weigh on sentiments,” Reliance Securities said in a research note.

Following a massive sell-off in the US markets, bourses in Shanghai, Seoul and Tokyo ended with significant losses. Hong Kong closed in the green.

Stock exchanges in Europe also witnessed intense selling pressure in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 0.25 per cent to USD 81 per barrel.

Foreign institutional investors remained net buyers in the capital market on Wednesday, as they purchased shares worth Rs 336.83 crore, as per exchange data.