MUMBAI: The Indian stock markets' key indices, Sensex and Nifty, tumbled by more than 2.5 per cent on Thursday tracking the meltdown in the global equities on fears of a recession in the world economy due to the prolonged Russia-Ukraine conflict.
The 30 stock S&P BSE Sensex tumbled 1,416.30 points or 2.61 per cent to 52,792.23 points against its previous day's close at 54,208.53 points.
Tracking overnight selloff in the Wall Street, the Indian equities markets' key indices started the trade on Thursday with massive losses.
The Sensex opened sharply down at 53,070.30 points and tumbled to a low of 52,669.51 points in the intra-day.
The Sensex had lost 109.94 points or 0.20 per cent on Wednesday.
Thursday's meltdown has led to the erosion of investors' wealth to the tune of Rs 7 lakh crore. The broader Nifty 50 of the National Stock Exchange tumbled 430.90 points or 2.65 per cent to 15,809.40 points against its previous day's close at 16,240.30 points.
The Nifty had lost 19.00 points or 0.12 per cent on Wednesday. All the sectoral indices tumbled. IT stocks were the worst hit.
Wipro and HCL Technologies crashed by more than 6 per cent, while Infosys, TCS and Tech Mahindra dipped more than 5 per cent.
Tata Steel slumped 4.86 per cent to Rs 1122.85. The index heavyweight Reliance Industries Limited closed 2.35 per cent down at Rs 2479.20.
IndusInd Bank, Kotak Bank, Mahindra & Mahindra, Bajaj Finserv and Bharti Airtel were among the major Sensex losers. Only three of the 30 scrips that are part of the Sensex closed in the positive.
ITC surged 3.43 per cent to Rs 275.65 on better than expected Q4 financial numbers.
Hopes that ITC would fare better than its peers in an inflationary scenario also boosted the scrip. Dr Reddy's Laboratories rose 0.82 per cent to Rs 3940. Power Grid Corporation also closed in the positive.