Markets bleed red triggered by Wall Street meltdown as Sensex tanks over 1,400 pts

Investors lost Rs 6.71 lakh crore in Thursday’s session, with the market capitalisation of all Bse-listed companies falling to Rs 2,49,06,394.08 crore

MUMBAI: Equity indices sank in a sea of red on Thursday, joining a global market selloff after Wall Street suffered its worst drubbing since mid-2020 on renewed fears of scorching inflation crimping economic recovery.

Posting its biggest drop in over two months, the 30-share BSE benchmark Sensex dived 1,416.30 points or 2.61 per cent to settle at 52,792.23.

The broader NSE Nifty tanked 430.90 points or 2.65 per cent to 15,809.40.

Investors lost Rs 6.71 lakh crore in Thursday’s session, with the market capitalisation of all Bse-listed companies falling to Rs 2,49,06,394.08 crore.

IT counters led the losses, with Wipro emerging as the biggest laggard in the Sensex pack with a fall of 6.21 per cent, followed by HCL Tech, Infosys, TCS, Tech Mahindra, Tata Steel, Indusind Bank and Kotak Mahindra Bank.

In contrast, ITC was the top gainer, spurting 3.43 per cent, after the company reported an 11.60 per cent rise in consolidated net profit at Rs 4,259.68 crore for the March quarter, driven by all-round growth across verticals.

Dr Reddy’s and Powergrid were the only other winners.

Stock markets in the US plummeted over 4 per cent on Wednesday after retail giants Target and Walmart came out with subdued numbers, reflecting the continued impact of soaring inflation on consumer spending.

All BSE sectoral indices ended lower, with IT tumbling the most at 5.25 per cent, followed by teck (5.11 per cent), metal (4.23 per cent), telecom (3.46 per cent) and basic materials (2.81 per cent).

As many as 2,482 stocks declined, while 845 advanced and 120 remained unchanged.

Meanwhile, international oil benchmark Brent crude declined 1.29 per cent to $107.7 per barrel.