Sensex Down 458 Points In Early Trade; Nifty Dips Below 18,000
(RTTNews) - Indian shares opened lower on Friday to extend losses for a fourth day running on concerns over the Federal Reserve's continued policy tightening and rising COVID cases in China.
The benchmark S&P BSE Sensex dropped 458 points, or 0.8 percent, to 60,368 in early trade, while the broader NSE Nifty index was down 140 points, or 0.8 percent, at 17,987.
Among the prominent losers, Adani Enterprises, Tata Steel, Hindalco, Adani Ports and Tata Motors declined 2-3 percent.
Tata Communications lost 2 percent after it signed a pact to acquire New York-based The Switch Enterprises for $58.8 million.
Yes Bank fell nearly 2 percent. The private sector lender has transferred invoked shares of seven companies, including Dish TV, Asian Hotels (North) and Avantha Realty, to JC Flowers Asset Reconstruction.
IFCI tumbled 2.4 percent on fund raising reports.
NTPC dropped half a percent. The state-run company has inked an agreement with GE Power India to cut carbon emission from its coal-fired units.
Lupin gained 2 percent after recalling four lots of hypertension drug Quinapril in the United States.
Reliance Industries edged up slightly after it acquired 23.3 percent stake in Exyn Technologies Inc (Exyn) for a total consideration of $25 million.
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