Sensex drops over 250 points in early trade; Nifty slips below 15,050
PowerGrid was the top loser in the Sensex pack, followed by ICICI Bank, NTPC, Bajaj Auto, Maruti, Bajaj Finance and SBI
Mumbai: Equity benchmark Sensex dropped over 250 points in early trade on Friday tracking losses in banking and financial stocks amid negative cues from global markets. The 30-share BSE index was trading 281.86 points or 0.55 percent lower at 51,042.83.
Similarly, the broader NSE Nifty was quoting 87.25 points or 0.58 percent down at 15,031.70. PowerGrid was the top loser in the Sensex pack, shedding around 3 percent, followed by ICICI Bank, NTPC, Bajaj Auto, Maruti, Bajaj Finance and SBI.
On the other hand, HUL, Reliance Industries, Bharti Airtel, L&T, M&M and HCL Tech were among the gainers. In the previous session, Sensex ended 379.14 points or 0.73 percent lower at 51,324.69, and Nifty dropped 89.95 points or 0.59 percent to finish at 15,118.95.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 903.07 crore on Thursday, as per exchange data. According to Binod Modi Head-Strategy at Reliance Securities, domestic equities do not look to be inspiring at the moment.
"A pullback in broad indices was quite visible for the last two days. However, investors continued to lap-up midcap and smallcap stocks led by improved earnings outlook." US markets finished lower as weaker jobless claim data and risk of potential rise in inflation amid elevated commodity and energy prices weighed on sentiments.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 1.64 percent lower at USD 62.88 per barrel. .
Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply
Market roundup: Sensex falls to 49,099.99, Nifty settles at 14,529.15 amid sell-off before release of Dec GDP data
All the shares in the BSE Sensex closed in red on Friday with ONGC being the top loser, shedding 6.6 percent, followed by Mahindra & Mahindra, Bajaj Finserv, and Axis Bank
Axis Bank was the top gainer in the Sensex pack, rising around 2%, followed by Bajaj Finance, SBI, Reliance Industries, ONGC and UltraTech Cement
IndusInd Bank was the top loser in the Sensex pack, shedding around 3 per cent, followed by ICICI Bank, Axis Bank and Tech Mahindra