Opening Bell: Sensex tanks over 500 points at 61,163, Nifty slumps to 18,105

Among the Sensex firms, HDFC Bank, HDFC, Tata Steel, Asian Paints, Bajaj Finance, NTPC, IndusInd Bank, HCL Technologies are the major laggards.

The domestic equity benchmark indices fell in early trade on Friday in-line with the weak trend in the US markets and the decline in index major HDFC twins.

A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India. (File image)

The 30-share BSE Sensex tanked 586.15 points to 61,163.10 in initial trade. The NSE Nifty declined 150.9 points to 18,104.90.

Among the Sensex firms, HDFC Bank, HDFC, Tata Steel, Asian Paints, Bajaj Finance, NTPC, IndusInd Bank, HCL Technologies, Infosys, Wipro, Bharti Airtel and Bajaj Finserv were the major laggards.

Larsen & Toubro, ICICI Bank, Axis Bank, Nestle, State Bank of India and UltraTech Cement were among the gainers.

In Asian markets, Shanghai traded lower, while Hong Kong quoted in the green.

"The mother market US has turned weak and the S&P 500 has slipped for the fourth day on renewed fears of stress in the US banking system," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The US markets had ended lower on Thursday.

"The risk-averse market environment in overnight trades at Wall Street is indicating a choppy session for key local benchmark indices.

Foreign Institutional Investors (FIIs) were net buyers on Thursday also as they bought equities worth ₹1,414.73 crore, according to exchange data.

Meanwhile, global oil benchmark Brent crude climbed 0.66 per cent to USD 72.98 per barrel.

The BSE benchmark had climbed 555.95 points or 0.91 per cent to settle at 61,749.25 on Thursday. The Nifty had advanced 165.95 points or 0.92 per cent to end at 18,255.80.