Indian equities join global sell off amid prospects of rate hike in US

Mumbai: The Sensex plummeted 773 points while the Nifty dived below the 17,400-level on Friday, tracking heavy selling in global equities after US consumer inflation soared to a 40-year high in January, raising the prospects of faster-than-expected rate hikes by the Federal Reserve.

Investors' wealth plunged over Rs 3.91 lakh crore on Friday amid an extremely weak broader market trend. The market capitalisation of BSE-listed companies declined Rs 3,91,477.92 crore to Rs 2,63,89,886.35 crore.

The 30-share BSE Sensex tumbled 773.11 points or 1.31 per cent to close at 58,152.92. Similarly, the broader NSE Nifty plunged 231.10 points or 1.31 per cent to 17,374.75.

Tech Mahindra was the top laggard in the Sensex pack, shedding 2.94 per cent, followed by Infosys, HCL Tech, UltraTech Cement, Wipro, SBI and Kotak Bank. Only five counters managed to close with gains — IndusInd Bank, Tata Steel, NTPC, M&M and ITC, rising up to 0.94 per cent.

On a weekly basis, the Sensex shed 491.90 points or 0.83 per cent, while the Nifty declined 141.55 points or 0.80 per cent.

All BSE sectoral indices closed lower in Friday's session, led by IT, teck, consumer durables, realty and basic materials which lost up to 2.55 per cent.

In the broader markets, the BSE midcap and smallcap gauges slumped as much as 1.90 per cent.

International oil benchmark Brent crude rose 0.43 per cent to $91.80 per barrel.

The rupee plunged by 21 paise to 75.36 against the US currency on Friday.