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Equity markets in India in India plunged in the intra-day trading on Thursday amid weak global cues.

At 10.49 am, the 30-share BSE Sensex fell 1,013.92 points, or 1.75%, to 56,844.23 after opening at 57,317.38. The 50-share NSE Nifty was trading at 16,974.40, dropping by 303.55 points, or 1.76%.

Only the stocks of Axis Banks and State Bank of India were performing well in the Sensex bracket, while the others suffered. The worst performers were Titan, HCL Technologies, Wipro, Bajaj Finserv and Nestle India.

In the Nifty group, the shares of Cipla, Axis Bank and Oil and Natural Gas Corporation were gaining. In this bracket, the top losers were Titan, HCL Technologies, Eicher Motors, Hero Motocorp and Divi’s Laboratories.

The plunge was mainly due to Asian markets falling to their lowest in more than 14 months, increase in the United States’ treasury yields, and the US Federal Reserve hinting towards tightening its policy, reported NDTV. Investors were also cautious about the political tensions between Russia and Ukraine.

Most of the markets in Asia, including those in Japan and China, were performing badly. Hong Kong’s Hang Seng Index was down by 2.57%, Japan’s Nikkei Stock Average 225 fell by 3.04% and China’s Shanghai Composite Index plunged by 0.88%.

Moreover, the trading pattern typically becomes volatile in weeks leading to the Union Budget in anticipation of the finance minister’s announcements. The Union Budget will be presented on February 1.

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