Sensex drops over 200 points in early trade; Nifty slips below 18,400

Equity benchmark Sensex tumbled over 200 points in opening trade on Wednesday, tracking losses in index majors TCS, Bajaj Finance and Axis Bank as market participants booked profits at higher levels.

The 30-share index was trading 209.46 points or 0.34 per cent lower at 61,506.59 in initial deals. Similarly, the Nifty dropped 85.45 points or 0.46 per cent to 18,333.30.

Bajaj Finance was the top loser in the Sensex pack, shedding around 2 per cent, followed by IndusInd Bank, Bajaj Finserv, Bajaj Auto, Tata Steel and Axis Bank. On the other hand, Nestle India, HUL, Bharti Airtel, Asian Paints and HCL Tech were among the gainers.

In the previous session, the 30-share index settled 49.54 points or 0.08 per cent lower at 61,716.05, and Nifty shed 58.30 points or 0.32 per cent to close at 18,418.75.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 505.79 crore on Tuesday, as per exchange data.

According to market experts, investors are booking profits at every peak, adding volatility to the market. Elsewhere in Asia, bourses in Hong Kong, Shanghai and Tokyo were trading with gains in mid-session deals, while Seoul was in the red. Stock exchanges on Wall Street too ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude fell 0.52 per cent to $84.64 per barrel.

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