Mumbai, India (BBN) – The bechmark BSE Sensex declined by nearly 220 points and the NSE index Nifty was trading below the 9,100-mark due to heavy selling in metal, consumer durables, auto and capital goods stocks owing to weak Asian cues.
Sustained selling by investors due to a weak trend in Asian markets following overnight losses in the Wall Street dampened the domestic sentiment, reports The Hindu Business Line.
A depreciating rupee against the dollar also weighed on the sentiment.
At 10am, the 30-share BSE index Sensex was down 218.47 points or 0.74 per cent at 29,265.95 and the 50-share NSE index Nifty was down 62.1 points or 0.68 per cent at 9,059.45.
Among BSE sectoral indices, metal index fell the most by 1.67 per cent, followed by consumer durables 1.31 per cent, auto 1.25 per cent and capital goods 1.08 per cent. Only IT index was up 0.08 per cent.
EARLY TRADE
The 30-share Sensex fell 221.71 points or 0.75 per cent, to 29,263.74 with 25 of its constituents trading n the negative zone. The barometer had lost 163.54 points in the previous two sessions.
The NSE Nifty plunged 80.40 points or 0.88 per cent to 9,041.10.
ASIAN SHARES
Asian stocks posted their biggest drop in two weeks on Wednesday as growing doubts about Donald Trump’s economic growth agenda prompted investors to dump risky assets and to rush to safe havens such as gold and government bonds.
Equity markets across the region were a sea of red in opening trades and the Australian dollar nursed heavy losses as funds took profits into a two-week long rally.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent in early trade, its biggest intraday percentage fall since March 9.
In the previous session, it hit its highest level since June 2015.
BBN/SK/AD