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Sensex drops 250 points; Nifty below 11,450-mark led by losses in global markets; ONGC, Vedanta, HUL, among major losers

Mumbai: The benchmark BSE Sensex extended its losing streak by falling over 250 points in early trade Wednesday, led by losses global markets amid rising US-China tension.

The 30-share index was trading 205.12 points, or 0.54 percent, lower at 38,071.51.

Similarly, the broader NSE Nifty was down 63.65 points, or 0.55 percent, at 11,434.25.

Top losers in early session were RIL, ONGC, Vedanta, NTPC, Bajaj Auto, Bajaj Finance, HDFC twins, HUL and SBI, shedding up to 1.57 percent.

On the other hand, Bharti Airtel, PowerGrid, IndusInd Bank, ICICI Bank, Tata Steel, Yes Bank and Sun Pharma were the top gainers, rising up to 0.82 percent.

In the previous session on Monday, the BSE bourse ended 323.71 points, or 0.84 percent, lower at 38,276.63. The NSE Nifty too dropped 100.35 points to settle below the 11,500 level at 11,497.90.

 Sensex drops 250 points; Nifty below 11,450-mark led by losses in global markets; ONGC, Vedanta, HUL, among major losers

Representational image. Reuters.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, markets across the globe have been weak as the resumption of trade war threats continue to make headlines.

"Earnings have not been encouraging with consumer companies missing analyst estimates and private bank earnings impacted by higher provisions," he said.

However, the earnings slowdown could be attributable to political uncertainty and consumers choosing to hold back on purchases until clarity emerges, he added.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 645.08 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 818.84 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note.

On Wall Street, S&P500 and Nasdaq Composite indices ended up to 2 percent lower on Tuesday.

On the currency front, the rupee depreciated 20 paise to 69.62 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.44 percent higher at $70.19 per barrel.

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Updated Date: May 08, 2019 10:34:55 IST