Sensex Falls Over 100 Points, Nifty Near 11,650; Wipro, Yes Bank In Focus
Domestic stock markets started Thursday's session on a lower note, breaking a three-day winning run, tracking weakness in Asian peers. The S&P BSE Sensex fell as much as 113.71 points to 39,101.93 in early trade, and the NSE Nifty moved to 11,657.75, down 29.75 points from the previous close. Losses in information technology, pharma and automobile stocks dragged the markets lower.
At 9:20 am, the Sensex traded 60.02 points - or 0.15 per cent - lower at 39,155.62 while the Nifty was down 15.40 points - or 0.13 per cent - at 11,672.10.
Top percentage laggards on the 50-scrip benchmark index at the time were Yes Bank, Hindalco, Vedanta, PNGC, HCL Tech and Sun Pharma, struggling with losses of between 1.10 per cent and 8.69 per cent.
Infosys, Yes Bank and TCS weighed most on the Sensex.
On Wednesday, the domestic stock market benchmarks Sensex and Nifty had finished 0.22 per cent and 0.21 per cent higher respectively, rising for a third session in a row.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 16.97 crore on Wednesday, provisional data from the NSE showed.
Meanwhile, equities in other Asian markets fell amid concerns about global economic prospects and the ongoing US-China trade war.
Japan's Nikkei 225 benchmark index fell 1.6 per cent, while Hong Kong's Hang Seng index and the Shanghai Composite dipped 0.7 per cent each.
The losses in Asia followed a negative lead from Wall Street, where big-name firms including Caterpillar and United Technology sank on weak corporate reports.
Overnight on Wall Street, the Dow Jones industrial average finished 0.4 per cent lower.
With an expected Federal Reserve interest rate cut already priced in, having fuelled a healthy rally, and few other catalysts to drive buying, analysts said investors are also cashing out.
(With agency inputs)
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