Sensex drops over 100 points, Nifty dips in early trade amid weak cues from global markets; Yes Bank plunges over 10%

Mumbai: Domestic equity benchmark BSE Sensex dropped over 100 points in early trade on Thursday led by a heavy selloff in Yes Bank shares, amid weak cues from global markets and unabated foreign fund outflow.

The 30-share index was trading 112.21 points or 0.29 percent lower at 39,103.43 at 0930 hours, and the broader Nifty fell 32.05 points or 0.27 percent to 11,655.45.

Yes Bank was the biggest loser in the Sensex pack, cracking over 10 percent after the company reported a massive slump of 92.44 percent in its consolidated net profit to Rs 95.56 crore due to a Rs 6,232 crore addition to non-performing assets, which resulted in the provisions to zoom.

Other losers included ONGC, Tata Motors, Vedanta, HCL Tech, M&M, HUL, Tech Mahindra, Tata Steel, and TCS, shedding up to 2.27 percent.

On the other hand, Bharti Airtel, HDFC duo, ITC, Kotak Bank and Hero MotoCorp were the gainers, rising up to 1.30 percent.

In the previous session, the 30-share gauge closed 84.60 points or 0.22 percent higher at 39,215.64, and the Nifty ended 24.90 points or 0.21 percent up at 11,687.50.

On a net basis, foreign institutional investors sold equities worth Rs 16.97 crore, while domestic institutional investors purchased shares to the tune of Rs 208.88 crore, provisional data available with stock exchanges showed Wednesday.

According to traders, investor sentiment took a hit tracking tepid quarterly earnings, amid weak cues from other global markets and continued foreign fund outflow.

Larsen & Toubro Infotech, ACC, Colgate Palmolive (India), Cyient and D B Corp are among some of the companies that are scheduled to report their earnings during the day.

Meanwhile, the Indian rupee appreciated 4 paise (intra-day) to 68.77 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.27 percent higher at 63.83 per barrel.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei, and Kospi were trading in the red in their respective early sessions.