Sensex over 600 points in early trade; Nifty slipped below 14,400

The equity benchmark Sensex surged over 600 points in early trade on Friday, following losses from HDFC Bank, L&T and Reliance Industries amid negative signals from global markets.

The 30-share BSE index was trading 617.10 points or 1.25% down at 48,599.42, and the broader NSE Nifty fell 201.35 points or 1.38% to close at 14,356.50.

ONGC topped the Sensex pack by 5%, followed by L&T, Bajaj Finance, M&M, Maruti, SBI, Titan, HDFC Twins and Reliance Industries.

On the other hand, shares of Kotak Bank, Bharti Airtel and Powergrid were profitable.

The Sensex was down 585.10 points or 1.17% at 49,216.52 in the previous session and the Nifty was down 163.45 points or 1.11% at 14,557.85.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they had bought 8,258.47 crore shares as per exchange data.

Domestic similarities do not seem to be motivating for the day. Binod Modi Head-Strategy at Reliance Securities said that concerns related to the recent surge in coronovirus cases in different parts of the country are clearly affecting investor sentiments in domestic markets.

In addition, a sharp rise in United States Treasury yields and inflation concerns also weighed sentiments, he noted.

“US equities ended less sharply yesterday as investors dealt with the twin dangers of rising bond yields and falling oil prices. The 10-year US Treasury yield rose 9 bps to 1.73% on Thursday, while the Federal Reserve held on interest. Had maintained its stance. Rates, “Mr. Modi said.

Elsewhere in Asia, capital session deals in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note.

Meanwhile, global oil benchmark Brent crude was trading up 0.16% at US $ 63.38 a barrel.