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Strains in emerging markets returned with a vengeance and the US Federal Reserve further scaled back its stimulus, sending investors scurrying to safety in bonds and yen. The Bank Nifty fell as much as 2 percent to its lowest since October, heading towards a sixth consecutive losing session.
ICICI Bank slumps 2.3 percent, and HDFC Bank falls 1.2 percent. Titan down nearly 1 percent. Titan Industries Ltd shares fell 2 percent in pre-open trading after the company's December-quarter earnings lagged some analysts estimates, dealers say.
Hero MotoCorp falls 1.3 percent on caution ahead of its quarterly earnings later in the day. The bikemaker's operating profit may lag consensus estimates, Thomson Reuters StarMine's SmartEstimates shows.
BSE Sensex falls over 196 points in early trade
Extending losses for the fifth straight session, the benchmark BSE Sensex today fell over 196 points in early trade on sustained selling by funds after the US Federal Reserve decided to further taper its monetary stimulus programme.
Besides, monthly expiry in the derivatives segment also weighed on the sentiment.
The 30-share barometer, which had lost over 726 points in the past four sessions, fell further by 196.27 points, or 0.95 per cent, to 20,451.03.
All the sectoral indices were trading in negative zone, led by consumer durables, realty and banking.
Similarly, the wide-based National Stock Exchange index Nifty fell by 52.50 points, or 0.86 per cent, to 6,067.50.
Brokers said a weak trend in Asian trade sparked by emerging markets turmoil coupled with the Federal Reserve deciding to further cut its monetary stimulus by USD 10 billion to USD 65 billion dampened the trading sentiment here.
They said participants adopted a cautious approach keeping in view the monthly expiry in the derivatives segments.
In the Asian region, Japan's Nikkei Index tumbled 3.33 per cent, while Hong Kong's Hang Seng index shed 1.22 per cent in