Sensex tanks over 270 points, Nifty slips below 10,600

New Delhi: Markets opened on a negative note on Wednesday in tandem with global cues. Investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors.

Minutes into the trading the BSE Sensex fell 277.66 points or 0.78 percent to 35,192.49 while the Nifty dropped 85.55 points or 0.80 percent to 10,577.95.

All sectoral indices are trading in the red. Top losers include Yes Bank, TCS, HUL, Kotak Bank, M&M, Sun Pharma, Tata Motors, Infosys, Bajaj Auto, Tata Steel, Reliance, ICICI Bank and SBI, falling up to 3 percent. HDFC was the only gainer on Sensex, trading marginally higher than its previous close.

The rupee gained 19 paise against the US dollar Wednesday to trade at 69.95 after increased selling of the US currency by exporters and banks.

Financial markets were closed Tuesday on account of Christmas.

Global stock markets headed into the year-end under a heavy cloud while Asian equities were shaky as US political uncertainty added to heightened concerns over slowing global economic growth, a Reuters report wrote.

MSCI`s broadest index of Asia-Pacific shares outside Japan dipped 0.15 percent. The Shanghai Composite Index inched down 0.1 percent while South Korea`s KOSPI shed more than 1 percent. Japan`s Nikkei bounced 0.75 percent after diving 5 percent the previous day to a 20-month low and slipping into bear market territory.

With Agency Inputs