Mumbai: Declining for the third straight session, equity benchmark Sensex tumbled over 575 points on Thursday, tracking heavy losses in index-heavyweights HDFC twins, TCS, and Reliance Industries amid a selloff in global equity markets.
US Fed meeting minutes indication to a faster than expected policy rate hike to fight elevated inflation and surging oil prices amid uncertainties on the geopolitical front further weighed on sentiment, traders said.
Investors also await cues from the RBI policy meeting outcome, which will be announced on April 8.
The 30-share gauge slumped 575.46 points or 0.97 per cent to settle at 59,034.95. During the day, it plunged 633.06 points or 1.06 per cent to 58,977.35.
The broader Nifty-50 also declined 168.10 points or 0.94 per cent to close at 17,639.55.
HDFC twins remained among the biggest drags for the second consecutive session on Thursday, slipping nearly 3 per cent. Titan was the biggest loser in the Sensex pack, falling 3.24 per cent, followed by HDFC, HDFC Bank, Wipro, TCS, Reliance Industries Limited, and Power Grid. On other hand, Axis Bank, Hindustan Unilever, ICICI Bank, M&M, and Dr Reddy's were among the gainers, rising up to 2.38 per cent.
In the broader market, the BSE smallcap gauge declined 0.75 per cent and the midcap index dipped 0.42 per cent.
As many as 1,714 stocks declined, while 1,694 advanced and 106 remained unchanged.
International oil benchmark Brent crude jumped 0.93 per cent to $102 per barrel.
Among BSE sectoral indices, oil and gas declined the most by 2.59 per cent, followed by energy (2.28 per cent), consumer durables (1.98 per cent), and utilities (1.54 per cent).
In contrast, healthcare, FMCG, bank, and realty gained on the BSE.