Sensex sinks 700 pts, Nifty below 21,550; IT stocks drag

Equity benchmark indices took a sharp plunge at Wednesday’s open tracking global market selloff due to hotter-than-expected US inflation data that pushed Fed rate cut hopes further back to second half of 2024.

The BSE Sensex fell 600 points to 70,899 and the NSE Nifty50 slipped 150 points to 21,594.

Wipro, Infosys, IndusInd Bank, HCLTech, Tech M and Titan took the shapest fall on the Sensex, while Eicher was the additional Nifty loser.

On the flip side, Reliance, BPCL, Adani Enterprises and Adani Ports held gains on the frontline indices. The latter two

The BSE MidCap and SmallCap indices also declined 0.7-1 per cent.

All indices held losses, led by Nifty IT, which fell 1.7 per cent. Nifty Bank and Nifty PSB indices were down 1 per cent each.