Sensex slumps over 400 points in early trade; HCL Tech, Axis Bank slips 3%

Equity benchmark Sensex tumbled over 400 points in opening trade on Friday, tracking heavy selling pressure across counters amid a negative trend in global markets. The BSE index was trading 434.59 points or 0.71 per cent lower at 60,800.71 in early trade. Likewise, the Nifty declined 111.10 points or 0.61 per cent to 18,146.70.

HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent, followed by Asian Paints, HDFC, Axis Bank, Wipro, HUL and Tech Mahindra.

On the other hand, Reliance Industries, Maruti, Titan and Bajaj Finance were the only gainers in the pack.

In the previous session, the 30-share BSE Sensex ended 85.26 points or 0.14 per cent higher at 61,235.30. Similarly, the NSE Nifty advanced 45.45 points or 0.25 per cent to 18,257.80.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-session deals.

Asian stocks dropped on Friday after a raft of Federal Reserve officials signalled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October, Deepak Jasani, Head of Retail Research, HDFC Securities, said.

"US stocks closed down on Thursday, as a rebound in technology shares stalled out, snapping a three-day winning streak for the Nasdaq Composite," he added.

Stock exchanges in the US ended on a negative note in the overnight session.

Meanwhile, international oil benchmark Brent crude fell 0.15 per cent to USD 84.34 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,390.85 crore on Thursday, according to stock exchange data.

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