Sensex plunges sharply in early trade on weak global cues; IT stocks edge higher

vStock prices crashed again in early trades on the major Indian bourses on Friday as investors continued from where they left on Thursday and went on a selling spree, amid growing worries about the health of the global economy.

Markets across the globe are plunging sharply over the past couple of sessions after the U.S. Federal Reserve said the U.S. economy faced further downside risk. Besides fears of another recession in the U.S., weak manufacturing data from China and the fast depreciating rupee are also contributing to the sell-off on the Indian bourses.

Top gainers | Worst losers | More tips

The Sensex, which tanked to 16,107.19, losing more than 250 points in the process, is currently at 16,180, down 181.15 points or 1.1% from its previous closing mark. The Nifty index of the National Stock Exchange, which declined to around 4,847, is now down 59.90 points or 1.2% at 4863.75.

Metal, realty, bank, capital goods and automobile stocks are sliding sharply on heavy selling. Several stocks from oil, power and consumer durables sectors are also down with marked losses. Pharmaceuticals and FMCG stocks are finding support at higher levels. Information technology stocks are bucking the trend and edging higher following the rupee falling to a three-year low against the U.S. dollar.

Sterlite Industries is down with a loss of 4.8%. Tata Steel is down 3.3%, Hindalco is drifting down by 2.4% and Jindal Steel is trading lower by 2.1%, while Coal India, the other Sensex stock in the Metal index, is down with a loss of 1.8%.

Automobile stocks Tata Motors (down 4.4%) and Maruti Suzuki (down 3%) are down sharply in negative territory. Hero Motocorp and Mahindra & Mahindra are trading lower by a little over 1 percent, while Bajaj Auto is down by about half a percent.

Jaiprakash Associates, DLF, Bharti Airtel, HDFC Bank, Larsen & Toubro and Reliance Industries are down 2.2% - 3.5%. ICICI Bank, State Bank of India, Sun Pharmaceuticals, BHEL and HDFC are trading lower by 1.4% - 2%.

Top gainers | Worst losers | More tips

Cairn India, Axis Bank, SAIL, Sesa Goa, Reliance Communications, Reliance Infrastructure, Reliance Power, Reliance Capital, Ranbaxy Laboratories, IDFC, Kotak Bank and Grasim Industries are down 1% - 4%.

IT heavyweights HCL Technologies, Tata Consultancy Services, Infosys and Wipro are trading higher by 0.8% - 1.5%. Cipla, Hindustan Unilever, Tata Power, BPCL, ITC and Dr Reddy's Laboratories are among the other blue chips that are bucking the trend and trading in positive territory.