Indian Markets Dip in Early Trading, Sensex Down 322 Points as Financial, IT Stocks Witness Sell-Off

After witnessing a peak of 41,935 points in January, India's Sensex slumped to 26,000 points at the end of March with the imposition of a nationwide lockdown in the South Asian country. It has now surpassed its pre-COVID levels and is currently trading at over 45,780 points.  

Selling pressure on banking and financial stocks as well as information technology pulled down Indian markets in opening trading on Thursday.

Benchmark Indian indices like the Sensex and Nifty nosedived in early trading, thereby snapping the bullish rally witnessed in the last couple of trading sessions.

The Bombay Stock Exchange's 30-share index, Sensex, fell 322 points in the opening session to trade at 45,780. Similarly, the broader 50-share index of the National Stock Exchange, Nifty, was down 112 points to trade at 13,417.

With this, Indian markets snapped the rally witnessed over the last couple of days. Shares in the financial sector such as banks and non-banking financial companies declined in early trading. The banking stocks that traded in the red were HDFC Bank, Axis Bank, IndusInd Bank, and Bajaj Finserv.

Shares of the Indian Railway Catering and Tourism Corporation were down 13 percent in opening trading. The government had earlier announced it will sell a 20 percent stake in the company.