Sensex tumbles 341 pts on weak global cues, Nifty ends below 14,900

Mumbai, May 11 (PTI): Snapping its four-session rising streak, equity benchmark Sensex tumbled 341 points on Tuesday, led by losses in index-heavyweights HDFC twins, Kotak Bank and TCS amid negative cues from global markets.
The 30-share BSE index ended 340.60 points or 0.69 per cent lower at 49,161.81.
Similarly, the broader NSE Nifty slumped 91.60 points or 0.61 per cent to 14,850.75. Kotak Bank was the top loser in the Sensex pack, shedding 3 per cent, followed by HDFC, Bajaj Finance, Bajaj Finserv, Tech Mahindra, HUL and Titan.
On the other hand, NTPC, ONGC, PowerGrid, Sun Pharma, UltraTech Cement and SBI were among the gainers. According to Binod Modi, Head Strategy at Reliance Securities, weak cues from global markets and selling pressure across the counters dragged benchmark indices. “Rising concerns over inflation globally due to sharp rise in commodity prices dragged Asian markets. Further, China inflation data also weighed on sentiments. However, domestic benchmark indices outperformed its Asian peers,” he said.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended on a negative note, while Shanghai finished with gains.
Stock exchanges in Europe were trading with significant losses in mid-session deals.
Tokyo’s Nikkei 225 slipped to 28,705.95 while the Hang Seng in Hong Kong was at 27,928.11. The Shanghai Composite index shed 0.3% to 3,417.80. In Seoul, the Kospi dropped 1.3% to 3,206.80. Australia’s S&P/ASX 200 lost 1.1% to 7,094.30.
Germany’s DAX sank 2% to 15,101.18 while the CAC 40 in Paris gave up 1.8% to 6,272.36. Britain’s FTSE 100 lost 2% to 6,980.62. US futures also augured losses, with the contract for the S&P 500 down 0.6% and that for the Dow industrials 0.4% lower.

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