Sensex tanks over 1,000 pts on weak global cues; Nifty below 15,950; ITC rises post stellar Q4 show

Dalal Street stocks sank on Thursday morning, as concerns over high inflation eating into corporate profitability renewed selling pressure on Wall Street overnight, sending Asia deep in the red. Weak quarterly results elsewhere, including that of internet giant Tencent in China, added fuel to the fire. At 9.20 am, the BSE Sensex was trading 1,059.69 points or 1.95 per cent lower at 53,148.84. The index fell 1,155 points in early trade to hit a low of 53,053.75. Nifty50 was trading at 15,926.25, down 314 points or 1.93 per cent. Midcap and smallcap indices fell up to 2.6 per cent.