Mumbai: Equity benchmark Sensex dropped over 250 points in early trade on Friday tracking losses in banking and financial stocks amid negative cues from global markets. The 30-share BSE index was trading 281.86 points or 0.55 percent lower at 51,042.83.

Similarly, the broader NSE Nifty was quoting 87.25 points or 0.58 percent down at 15,031.70. PowerGrid was the top loser in the Sensex pack, shedding around 3 percent, followed by ICICI Bank, NTPC, Bajaj Auto, Maruti, Bajaj Finance and SBI.

On the other hand, HUL, Reliance Industries, Bharti Airtel, L&T, M&M and HCL Tech were among the gainers. In the previous session, Sensex ended 379.14 points or 0.73 percent lower at 51,324.69, and Nifty dropped 89.95 points or 0.59 percent to finish at 15,118.95.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 903.07 crore on Thursday, as per exchange data. According to Binod Modi Head-Strategy at Reliance Securities, domestic equities do not look to be inspiring at the moment.

“A pullback in broad indices was quite visible for the last two days. However, investors continued to lap-up midcap and smallcap stocks led by improved earnings outlook.” US markets finished lower as weaker jobless claim data and risk of potential rise in inflation amid elevated commodity and energy prices weighed on sentiments.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 1.64 percent lower at USD 62.88 per barrel. .

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »
Legal Notice: Views expressed in articles published in www.ebusinessbrief.com are those of the authors and www.ebusinessbrief.com or its owners take no responsibility regarding the same. Advertisements in www.ebusinessbrief.com are published for information of the subscribers. www.ebusinessbrief.com does not authenticate, endorse or guarantee any of the products or services or claims made by the Advertisers. Readers are advised to themselves verify the details. No part of this publication may be reproduced by any means without prior written permission from the Editor. Permission is normally granted wherever sufficient acknowledgement is given to www.ebusinessbrief.com.