Sensex tanks 394 points, Nifty slips below 11,350

The BSE Sensex tanked 394.40 points or 1.02 per cent to close at at 38,220.39. The broader NSE Nifty slumped 96.20 points or 0.84 per cent to 11,312.20.

Major gainers in the Sensex pack were HDFC, Axis Bank, Bharti Airtel, M&M, Titan, RIL, ICICI Bank, IndusInd Bank, Ultrachem, Kotak Bank, ITC and LT, falling upto 2.35 percent. On the other hand, shares of NTPC, ONGC, Powergrid, Tata Steel and HCL Tech closed in green rising upto 6.87 percent.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses. Stock exchanges in Europe also witnessed robust selling in early sessions. Global oil benchmark Brent crude was trading 1.06 per cent lower at USD 44.89 per barrel.

In the forex market, the rupee settled at 75.02 against the US dollar, down 20 paise over its previous close.

In the previous session on Wednesday, the BSE Sensex settled 86.47 points or 0.22 per cent higher at 38,614.79. The NSE Nifty rose 23.05 points or 0.20 per cent to 11,408.40.