BSE Sensex drops 74 points on weak Asian cues

Feb 03 2014, 11:31 IST
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Overseas investors sold Indian shares worth $104.2 million on Friday, provisional exchange data shows. Overseas investors sold Indian shares worth $104.2 million on Friday, provisional exchange data shows.
SummaryBharti Airtel falls 2.5 per cent while Idea Cellular loses 1.7 per cent as spectrum auction begins.

The BSE Sensex dropped by 74 points in late morning trade today due to selling pressure in metal, realty, refinery and banking sectors amid foreign capital outflows and weak Asian cues.

However, shares of consumer durable and healthcare sectors firmed up on good buying enquiries.

The BSE-30 share index Sensex resumed lower at 20,479.03, and hovered in a range of 20,480.35 to 20,391.96 before quoting 20,439.95 points at 1030 hours.

It showed a loss of 73.90 points or 0.36 per cent from its last weekend's close.

The NSE Nifty also moved down by 23.80 points, or 0.39 per cent, to 6,065.70 at 1030 hours.

Major losers were - Hindalco Industries 2.60 pct, Bharti Airtel 2.21 pct, Mahindra & Mahindra 2.21 pct, Tata Steel 1.87 pct, Tata Motors 1.83 pct, ICICI Bank 1.25 pct and Oil & Natural Gas Corpn 1.23 pct.

However, Dr Reddys Laboratories firmed up by 1.73 pct, Sun Pharmaceuticals Industries 1.46 pct, Tata Power 1.28 pct and Cipla 1.17 pct.

Foreign institutional investors (FIIs) sold shares worth a net Rs 652.97 crore on last Friday, as per provisional data from the stock exchanges.

Asian stocks fell in their early trade after a slowdown in Chinese manufacturing growth added to concern that the global economic recovery is faltering.

Key benchmark indices in Indonesia, Japan, Singapore and South Korea shed by 0.7 to 1.41 per cent.

US stocks fell sharply on Friday amid continued unease over emerging markets and a number of high-profile earnings disappointments.

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