Sensex declines by 345 points in early session on heavy losses in financial, FMCG and auto stocks

Mumbai: Market benchmark BSE Sensex declined by 345 points in early session on Friday due to heavy losses in financial, FMCG and auto stocks amid fading hopes of a stimulus package for slowdown-hit sectors. The 30-share index dropped 345.55 points or 0.95 percent to 36,127.38 in early session with 19 of its constituents trading in the red. The broader NSE Nifty dropped 94.30 points or 0.88 percent to 10,647.05 points, dragged down by losses in ICICI Bank, Cipla and auto major Maruti. [caption id=“attachment_4748931” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] FMCG, auto, banking and financial sector stocks came under heavy selling pressure after government officials virtually ruled out a stimulus package to arrest a slowdown and boost growth. Among Sensex stocks, ICICI fell the most by 2.62 percent. HDFC Bank, Kotak Bank, Axis Bank, SBI and IndusInd Bank also dropped up to 1.7 percent. Maruti lost 2.27 percent, ITC 1.83 percent, Bajaj Finance 2.17 percent and Reliance Industries by 1.40 percent. The rupee breached the 72 mark in early trade which also hit the market sentiment. Meanwhile, Asian markets were trading firm on a cautious note ahead of US Fed Chair Jerome Powell key address which is expected to throw a light of the central bank’s plan on the rate cut.