Mumbai, India (BBN) – The benchmark Sensex dropped nearly 150 points and the NSE Nifty was trading below the 8,600-mark as participants kept their bets to a minimum tracking the Economic Survey due later in the day.
Besides, weak global cues dampened the domestic sentiment, reports The Hindu Business Line.
At 11.47am, the 30-share BSE index Sensex was down 141.05 points or 0.51 per cent at 27,708.51 and the 50-share NSE index Nifty was down 54.85 points or 0.64 per cent at 8,577.90.
Barring FMCG and power, all other BSE sectoral indices were trading in the red. Among them, IT index fell the most by 1.95 per cent, followed by TECk 1.57 per cent, PSU 0.87 per cent and metal 0.79 per cent.
On the other hand, FMCG index was up 0.18 per cent and power 0.17 per cent.
Top five Sensex gainers were ONGC (+1.17 per cent), Power Grid (+0.98 per cent), ITC (+0.76 per cent), Bharti Airtel (+0.72 per cent) and Tata Steel (+0.37 per cent), while the major losers were TCS (-3.27 per cent), GAIL (-3.25 per cent), Adani Ports (-2.37 per cent), Coal India (-1.92 per cent) and Wipro (-1.81 per cent).
The Nifty and the Sensex opened flat and traded in the negative following weak global cues.
The Nifty opened four points down at 8,629, while the Sensex opened 18 points up at 27,868 before slipping in the red.
A report by IFA Global said “Asian stock markets are trading on a negative note, with Hang Seng index trading lower by 14 points and Nikkei index is trading lower by 257 points following weak global cues.
US stock markets closed on a negative note.
The Dow Jones Industrial Average closed lower by 122 points and Nasdaq index closed lower by 47 points.
US equities closed lower after a new measure taken by the Trump administration on immigration sent jitters through the market.
European stock markets closed on a negative note, with FTSE closed lower by 66 points and CAC lower by 55 points. European markets ended the day amid investors backlash over Trump policies.”
Sentiment remained conspicuously cautious as investors preferred to reduce their positions ahead of the Economic Survey due today and the Union Budget tomorrow.
A subdued trend in Asia coupled with a decline on the Wall Street after President Donald Trump’s controversial crackdown on immigration and his plans to overhaul work-visa programmes dampened the domestic sentiment.