Sensex falls over 200 points in early trade on weak global cues; aviation, OMC stocks surge
Sensex was trading 215.44 points, or 0.61 percent, lower at 35,259.07 points.
Mumbai: The BSE benchmark Sensex fell over 200 points in early trade Wednesday following weak global cues amid fresh foreign fund outflows. The 30-share was trading 215.44 points, or 0.61 percent, lower at 35,259.07 points. The gauge had lost 300.37 points Tuesday.
Sectoral indices led by IT, tech, metal, capital goods and power were trading in the negative zone with losses up to 2.70 percent.
The NSE Nifty too was trading 33.80 points, or 0.32 percent, down at 10,622.40.
Brokers said a weak trend in other Asian markets following extended rout at Wall Street Tuesday on disappointing earnings amid fears over slowing global growth on US-China trade dispute and the steady rise in interest rates, dampened sentiment here. However, crude oil prices dipping to one-year low in global market on supply concerns, capped the fall in the indices.
Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 percent in global crude oil prices. Shares of Jet Airways, InterGlobe and Spicejet were trading higher up to 6.59 percent.
Shares of state-run oil marketing companies such as BPCL, IOC and HPCL gained up to 4.21 percent.
Brent crude, the oil prices international benchmark, fell 6.92 percent to $62.17 a barrel on Tuesday on excess supply concerns.
Major losers were Infosys, TCS, Vedanta, Wipro, Tata Steel, RIL, Bajaj Auto, ICICI Bank, PowerGrid, L&T, NTPC, M&M, Hero MotoCorp, HDFC Bank, IndusInd Bank and Adani Ports, falling up to 3.71 percent.
On the other hand, Yes Bank, Asian Paints and Bharti Airtel rose up to 2.62 percent.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data.
In Asia, Japan's Nikkei fell 0.37 percent, Shanghai Composite Index shed 0.13 percent, Korea's KOSPI fell 0.61 percent and Hong Kong's Hang Seng fell 0.61 percent
The US Dow Jones Industrial Average plunged 2.21 percent Tuesday.
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