Sensex slips 57 points in early trade on weak Asian cues, Nifty down 24 points; Re weak by 22 paise

Mumbai: Reversing early gains, the Sensex today declined over 57 points as investors booked profits in healthcare, banking, metal and realty sectors amid weak Asian cues.

The 30-share Sensex was trading 57.30 points, or 0.16 percent, lower at 35,108.18 in early deals. It touched a high of 35,232.44 in opening trade. The gauge had gained 820.57 points in the previous three sessions.

The NSE Nifty fell 23.85 points, or 0.22 percent, lower at 10,664.80.

Among the laggards were ICICI Bank, Sun Pharma, SBI, IndusInd Bank, ITC, Bajaj Auto, HDFC, Kotak Bank, Reliance Industries, Tata Steel, HDFC Bank and Hero MotoCorp, falling up to 1.50 percent.

 Sensex slips 57 points in early trade on weak Asian cues, Nifty down 24 points; Re weak by 22 paise

Representational image. Getty

The market opened on a positive note on heavy buying by domestic institutional investors (DIIs), but profit-taking and weak Asian cues amid uncertainty over the US-North Korea summit and a political crisis in Italy, wiped-off initial gains, traders said.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 795.06 crore, while DIIs bought shares worth a net of Rs 1,017.65 crore yesterday, provisional data showed.

Elsewhere in Asia, Japan's Nikkei fell 1.05 per cent and Hong Kong's Hang Seng shed 0.44 per cent in early trade today. Shanghai Composite was also trading lower by 0.32 percent.

Rupee drops 22 paise

The rupee weakened by 22 paise to 67.65 against the US dollar in early trade at the interbank forex market today on fresh demand for the greenback from importers and banks.

Dealers attributed the rupee's fall to increased demand for the US currency from importers and foreign fund outflows. Besides, a lower opening of the domestic equity market too weighed on the rupee.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 795.06 crore yesterday, provisional data showed.

Yesterday, the rupee had surged by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.

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Updated Date: May 29, 2018 10:08:25 IST