Sensex slips over 150 points on F&O expiry, weak global cues; Nifty down by 59.40 points; Bank, steel stocks major losers

Mumbai: Snapping its two-session rising streak, the benchmark BSE Sensex fell over 150 points in early trade on Wednesday as investors offloaded positions ahead of March F&O expiry and financial year ending. A weak trend at other Asian bourses after a sharp fall on Wall Street, driven by technology stocks, also weighed on market sentiment here. The 30-share index was trading lower by 164.52 points, or 0.49 percent, to 33,009.87. The gauge had gained 577.85 points in the previous two sessions. All the sectoral indices, led by metals, PSU, power and banking stocks, were trading in the red, falling up to 1.34 percent. [caption id=“attachment_4409003” align=“alignleft” width=“380”] Sensex slips over 150 points on F&O expiry, weak global cues; NSE down by 59.40 points. Reuters image.[/caption] The NSE Nifty fell by 59.40 points, or 0.58 percent, to 10,124.75 in early trade. Major losers that dragged down key indices were Tata Steel, Adani Ports, SBI, NTPC, Yes Bank, ICICI Bank, Asian Paint, Coal India, ONGC, Power Grid, RIL, HDFC Bank and Infosys, declining up to 2.08 percent. Investors are cutting bets on the last trading session of March F&O expiry and the end of financial year 2017-18, brokers said. Markets will remain closed on Thursday and Friday on account of Mahavir Jayanti and Good Friday, respectively. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,063.12 crore, while DIIs made purchases to the tune of Rs 2,172.91 crore yesterday, provisional data showed. Elsewhere in Asia, Hong Kong’s Hang Seng shed 1.29 percent, while Japan’s Nikkei was down 1.77 percent in early trade today. The Shanghai Composite Index too fell 0.76 percent. The US Dow Jones Industrial Average ended 1.43 percent lower on Tuesday.