The BSE Sensex fell 477 points or 0.6% to 82,079 in early deals on Wednesday after being flat in the previous session, tracking a drop in Asian peers, following losses on Wall Street overnight amid a significant sell-off in tech stocks.
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Traders were cautious ahead of releases of US key jobs data later this week for a guide to the Fed interest rates outlook, and softer than expected US factory activity growth raised concerns about a potential US economic slowdown. Also, concerns over the health of China’s economy lingered amid a slowing in manufacturing sector growth in August.
Capping the falls was a final figure that showed services growth in India was revised higher to a five-month high, boosted by new business expansion. Losses were almost across the board, with PSU Bank, tech sectors, and auto among early decliners. Coal India slipped 2.9%, followed by ONGC (-2.6%), LTIMindtree (-1.8%), Hindalco (-1.6%), and Infosys. (-1.5%).
