<p>Equity benchmark Sensex tumbled over 400 points in early trade on Wednesday, tracking losses in index majors HDFC twins, Reliance Industries and ICICI Bank amid negative cues from global markets.</p>.<p>The 30-share BSE index was trading 403.16 points or 0.82 per cent lower at 48,758.65 in initial deals.</p>.<p>Similarly, the broader NSE Nifty fell 112.80 points or 0.76 per cent to 14,737.95.</p>.<p>HDFC was the top loser in the Sensex pack, shedding over 2 per cent, followed by M&M, HUL, Nestle India, Tech Mahindra and ICICI Bank.</p>.<p>On the other hand, PowerGrid, NTPC, L&T, SBI and ONGC were among the gainers.</p>.<p>In the previous session, Sensex ended 340.60 points or 0.69 per cent lower at 49,161.81, and Nifty slumped 91.60 points or 0.61 per cent to close at 14,850.75.</p>.<p>Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 336 crore on Tuesday, according to provisional exchange data.</p>.<p>According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, global markets are now caught between two opposing forces - economic recovery and inflation fears. While the former is positive the latter is negative. Going forward, the market trend will depend on which of the two triumphs over the other.</p>.<p>The year-on-year inflation in the US is expected to come around 3.6 per cent, pushed high mainly by the base effect and therefore may not sustain. But if the month-on-month inflation data shows a surge, the dovish Fed will be forced to take it seriously.</p>.<p>The fact that the market is a bit apprehensive of rising inflation is reflected in the US 10-year yield rising above 1.6 per cent, he said.</p>.<p>"So, this space has to be watched. Meanwhile in India Q4 results continue to be good with better than expected performance from mid-small-caps. Market action is likely to be stock specific based on results," he noted.</p>.<p>Further, market participants will also keep an eye on domestic inflation and industrial production data, scheduled to be released later in the day, traders said.</p>.<p>Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.</p>.<p>On Wall Street, indices ended in the red in overnight sessions.</p>.<p>Meanwhile, international oil benchmark Brent crude was trading 0.36 per cent lower at USD 68.30 per barrel.</p>
<p>Equity benchmark Sensex tumbled over 400 points in early trade on Wednesday, tracking losses in index majors HDFC twins, Reliance Industries and ICICI Bank amid negative cues from global markets.</p>.<p>The 30-share BSE index was trading 403.16 points or 0.82 per cent lower at 48,758.65 in initial deals.</p>.<p>Similarly, the broader NSE Nifty fell 112.80 points or 0.76 per cent to 14,737.95.</p>.<p>HDFC was the top loser in the Sensex pack, shedding over 2 per cent, followed by M&M, HUL, Nestle India, Tech Mahindra and ICICI Bank.</p>.<p>On the other hand, PowerGrid, NTPC, L&T, SBI and ONGC were among the gainers.</p>.<p>In the previous session, Sensex ended 340.60 points or 0.69 per cent lower at 49,161.81, and Nifty slumped 91.60 points or 0.61 per cent to close at 14,850.75.</p>.<p>Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 336 crore on Tuesday, according to provisional exchange data.</p>.<p>According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, global markets are now caught between two opposing forces - economic recovery and inflation fears. While the former is positive the latter is negative. Going forward, the market trend will depend on which of the two triumphs over the other.</p>.<p>The year-on-year inflation in the US is expected to come around 3.6 per cent, pushed high mainly by the base effect and therefore may not sustain. But if the month-on-month inflation data shows a surge, the dovish Fed will be forced to take it seriously.</p>.<p>The fact that the market is a bit apprehensive of rising inflation is reflected in the US 10-year yield rising above 1.6 per cent, he said.</p>.<p>"So, this space has to be watched. Meanwhile in India Q4 results continue to be good with better than expected performance from mid-small-caps. Market action is likely to be stock specific based on results," he noted.</p>.<p>Further, market participants will also keep an eye on domestic inflation and industrial production data, scheduled to be released later in the day, traders said.</p>.<p>Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.</p>.<p>On Wall Street, indices ended in the red in overnight sessions.</p>.<p>Meanwhile, international oil benchmark Brent crude was trading 0.36 per cent lower at USD 68.30 per barrel.</p>