Sensex tanks over 300 points, Nifty closes below 10,500

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New Delhi, May 23 :
Markets ended deep in the red on Wednesday amidst heavy selling in banking, Infra, Capital goods and auto stocks. Weakness in global markets along with concerns of renewed geopolitical and trade tensions subdued the market sentiments, analysts said.
The BSE Sensex plunged 306.33 points to end at 34,344.91. Similarly the NSE Nifty fell 106.35 points to 10,430.35. State-owned oil companies such as HPCL, BPCL, IOC, ONGC and OIL plunged on worries that the government may ask them to share the burden of higher petrol and diesel prices.
The fall was led by Bharti Airtel, Kotak Bank, HDFC, HDFC Bank, Bajaj Auto, Reliance, Adani ports, ITC, Indusind Bank, Dr Reddy, ONGC, Tata steel by falling upto 6.57 points.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,651.63 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 1,496.83 crore yesterday, as per provisional data.
Global markets traded weak after US President Donald Trump tempered optimism over progress made so far in trade talks with China.
US stocks closed lower overnight as uncertainty over trade policy and other geopolitical issues weighed on sentiment.

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