Sensex falls over 300 points on weak global cues; Nifty trading below 10,600
The BSE benchmark Sensex fell over 300 points in early trade Wednesday following weak global cues amid fresh foreign fund outflows. The 30-share was trading 302.91 points, or 0.85 per cent, lower at 35,171.60 points. The gauge had lost 300.37 points Tuesday. The NSE Nifty too was trading 76 points points down at 10,579.70.
Brokers said a weak trend in other Asian markets following extended rout at Wall Street Tuesday on disappointing earnings amid fears over slowing global growth on US-China trade dispute and the steady rise in interest rates, dampened sentiment here.
However, crude oil prices dipping to one-year low in global market on supply concerns, capped the fall in the indices.
Shares of aviation and oil marketing companies surged due to sharp drop of nearly 7 per cent in global crude oil prices.
Shares of Jet Airways, InterGlobe and Spicejet were trading higher up to 6.59 per cent.
Shares of state-run oil marketing companies such as BPCL, IOC and HPCL gained up to 4.21 per cent.
Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns.
Major losers were Infosys, TCS, Vedanta, Wipro, Tata Steel, RIL, Bajaj Auto, ICICI Bank, PowerGrid, L&T, NTPC, M&M, Hero MotoCorp, HDFC Bank, IndusInd Bank and Adani Ports, falling up to 3.71 per cent.
On the other hand, Yes Bank, Asian Paints and Bharti Airtel rose up to 2.62 per cent.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 753.17 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 44.06 crore Tuesday, as per provisional data.
In Asia, Japan's Nikkei fell 0.37 per cent, Shanghai Composite Index shed 0.13 per cent, Korea's KOSPI fell 0.61 per cent and Hong Kong's Hang Seng fell 0.61 per cent
The US Dow Jones Industrial Average plunged 2.21 per cent Tuesday.
(With inputs from PTI)
