Sensex drops 104 pts in early trade on weak universal cues

May 04 2016 11:16 AM
Sensex drops 104 pts in early trade on weak universal cues

4th May,Wednesday:Market standard BSE Sensex floor for a third session in a row as it drooped by around 104 points in early trade on capital outflows by foreign reserves and selling by retail investors amid weak worldwide cues. Rupee also weak against USD. Rupee faded by 21 paise to 66.63 against the dollar in initial trade at the forex market.

However, the 30 share Sensex also fell down by 103.74 points, or 0.41 % , to trade at 25,125.96 .

Shares of infrastructure, consumer durables, technology, metal and banking were trading in the negative zone with losses up to 0.90 %.The gauge had lost 376.92 points in the earlier two sessions and the NSE Nifty fell by 23.60 points, or 0.30 % to 7,723.40.
Vast losers that dragged down the indices were Adani Ports, Tata Motors, ICICI Bank, Dr Reddy's, Bharti Airtel, Coal India, Lupin, Wipro, Tata Steel, Axis Bank and TCS.

Brokers said, “sentiment remained weak as participants indulged in cutting their bets, tracking a falling trend in global markets as weak Chinese manufacturing data and a downgrade in the Eurozone growth forecast revived worries about slowing growth.”

In the Asian region, Hong Kong's Hang Seng fell 1.16 per cent, while China's Shanghai Composite index shed 0.15 % in early trade today. Japanese financial markets are closed for a public holiday.

The Dow Jones Industrial Average ended 0.78 % lower yesterday.

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