Indian equity benchmarks on Thursday plunged sharply amid weak global cues. Asian stocks fell as the U.S. April inflation data — at persistently high — dented investor confidence.
Overnight, U.S. markets whipsawed after the inflation data was released, then closed sharply lower.
The U.S. consumer price index rose 8.3 per cent from a year ago, slower than March’s peak of 8.5 per cent, but still near the highest level in over 40 years.
Back home, investors also awaited April’s retail inflation data, scheduled to be released at 5:30 pm today.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) indicated a gap-down start for the domestic indices.
The 30-share BSE Sensex dived 674 points or 1.25 per cent to 53,414 in early trade, while the broader NSE Nifty moved 174 points or 1.08 per cent down to trade at 15,993.
Mid- and small-cap shares were negative as Nifty Midcap 100 fell 1.56 per cent and small-cap slipped 2.10 per cent.