Markets fall sharply in early trade mirroring weak global equities

New Delhi: Benchmark indices went into a tailspin in the opening trade on Monday as they tumbled over 2 percent each, mirroring an extremely weak global market trend.

The BSE benchmark Sensex tanked 1,220.76 points to 57,613.11 in early trade, with all its 30 components trading in the red. The NSE Nifty plunged 355 points to 17,203.90. Both the indices fell over 2 percent.

All the 30-share Sensex pack of firms were trading in the red, with Tech Mahindra, Infosys, HCL Technologies, Wipro, Tata Consultancy Services, Tata Steel and Power Grid emerging as the biggest laggards.

The Asian markets in Seoul, Tokyo, Shanghai and Hong Kong traded in the red in mid-session deals.

The US markets had ended significantly lower on Friday.

"Markets expected Jerome Powell to remain hawkish at Jackson Hole but the ultra-hawkish tone of the Fed chief's message and his warnings that Fed's policy will 'cause some pain to households and businesses' and this is 'the unfortunate costs of reducing inflation' were not expected and factored in by the markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark climbed 59.15 points or 0.10 percent to settle at 58,833.87 on Friday. The Nifty advanced 36.45 points or 0.21 percent to end at 17,558.90.

Meanwhile, the international oil benchmark Brent crude climbed 0.86 percent to 101.9 per barrel.

According to exchange data, foreign institutional investors (FIIs) offloaded shares worth Rs 51.12 crore on Friday.

(With PTI inputs)

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