BSE Sensex fell to 29,046.95 as banking, PSUs, metals, oil & gas and FMCG stocks witnessed tremendous sell-off.
The S&P BSE benchmark Sensex was trading 180 points lower in afternoon trade due to selling in Banking and FMCG sectors despite buying in Capital Goods, Consumer Durable and IT sectors.
The Sensex opened lower at 29,143.63 and dropped further to 29,002.40 on weak Asian cues coupled with foreign capital outflows before quoting at 29,142.45 at 1100hrs, still showing a loss of 40.50 points or 0.14 per cent from its last weekend’s level.
The CNX 50-share Nifty also moved down by 51.30 points or 0.58 per cent to 8,757.60 at 12.30 pm
Major losers were Dr Reddy’s Lab (2.42 pct), Coal India (2.24 pct), HUL (1.97 pct), Bajaj Auto (1.92 pct), Icici Bank (1.70 pct), Bharti Airtel (1.68 pct), HDFC Bank (1.25 pct) and ITC (1.25 pct).
However, Sun Pharma at 2.45 pct, Hindalco 2.11 pct, Maruti 2.11 pct, Wipro 1.73 pct, Larsen 1.53 pct, M&M 1.50 pct and Cipla 1.26 pct showed a rise.
Foreign portfolio investors sold shares worth a net Rs 771.55 crore on last Friday as per provisional data.
Asian equity markets were trading lower as data showing China’s manufacturing sector remaining in a poor state dampened investors’ spirit. Key indices in China, Hong Kong, Japan, South Korea, and Indonesia were off 0.11 pct to 1.16 pct while indices in Taiwan and Singapore were up 0.09 pct to 0.54 pct.
The benchmark BSE Sensex fell by 136 points in early trade today on sustained profit-booking by participants after recent gains amidst a weakening trend overseas.
The 30-share index fell by 136 points, or 0.47 per cent, to 29,046.95 as banking, PSUs, metals, oil & gas and FMCG stocks witnessed tremendous sell-off.
The gauge had retreated from record-high and tumbled by 498.82 points in the previous session on Friday on heavy profit-booking.
Similarly, the National Stock Exchange index Nifty dipped below the psychological 8,800-mark by falling 27.90 points, or 0.32 per cent, to 8,781.00 in early trade.
Brokers said besides profit-booking and subdued earnings by some companies, a weak trend on other Asian bourses following weekend losses in US markets in response to disappointing growth data, influenced sentiments here.
Further, cautious approach adopted by retail investors and other participants ahead of RBI’s policy review tomorrow, weighed on sentiments, they said.
Among other Asian markets, Japan’s Nikkei shed 0.68 per cent, while Hong Kong’s Hang Seng fell 0.65 per cent in early trade today.
The US Dow Jones Industrial Average ended 1.45 per cent lower in Friday’s trade.