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Sensex plunges 400 pts; Mid & Smallcap crack 4-5%, SBI zooms

Equity benchmarks remained under pressure with the Sensex shedding 343.46 points or 1.28 percent to 26475.36, weighed by auto, infra, metals and telecom. HDFC was the leading contributor to index fall, down 4.5 percent.

The market has fallen sharply in opening dragged by index heavyweights. The Sensex is down 327.91 points or 1.2 percent at 26490.91, and the Nifty down 96.50 points or 1.2 percent at 8199.80. About 446 shares advanced, 598 shares declined, and 71 shares are unchanged.

The Indian rupee declined in the early trade. It has opened lower by 37 paise at 67.62 per dollar versus 67.25 Friday.

The dollar rose to an 11-month high against a basket of major currencies, in step with a jump in US bond yields as traders bet fiscal and trade policies under a Donald Trump administration would stoke inflation.

The US dollar scaled an eleven-month peak on Tuesday and Treasury yields extended their rise as investors braced for higher inflation in the United States amid expectations of fiscally expansionary polices under Donald Trump's presidency.

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