Sensex tanks 555 points amid global selloff; Nifty sinks below 17,700

BSE Sensex ends 555.15 points or 0.93% lower at 59,189.73; NSE Nifty tumbles 176.30 points or 0.99% to 17,646

Equity benchmark Sensex plunged 555 points on October 6 following losses in index majors Reliance Industries, Infosys and ICICI Bank amid a selloff in global markets.

The 30-share BSE index ended 555.15 points or 0.93% lower at 59,189.73. Similarly, the broader NSE Nifty tumbled 176.30 points or 0.99% to 17,646.

IndusInd Bank was the top loser in the Sensex pack, shedding over 3%, followed by Tata Steel, Bajaj Auto, HCL Tech, Sun Pharma and Tech Mahindra.

On the other hand, HDFC twins and Bajaj Finance were the gainers.

"Weak global markets which resulted in profit booking in metals and IT stocks led domestic indices to trade in red, trimming its early gains," said Vinod Nair, Head of Research at Geojit Financial Services.

Spike in crude prices is spooking the Indian market while inflation is affecting US bond yields, he noted.

Further, RBI has commenced its three-day MPC meeting in which the central bank is expected to keep rates unchanged. However, it is likely to announce measures to gradually pump out liquidity from the economy, Nair said.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended with significant losses. Shanghai was closed for holidays.

Equities in Europe were also trading with heavy losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude surged 1.14% to $82.19 per barrel.

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