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Sensex slides further by 81 pts; IT, auto stocks drag

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sensex-slides-further-by-81-pts-it-auto-stocks-dragMumbai: Continuing its downward trend, the BSE Sensex fell about 81 points and the NSE Nifty broke below the 8,500-mark in early trade today amid weak global cues.

Sentiment remained downbeat due to sustained selling by foreign funds and retail investors on the domestic bourses.

The 30-share barometer declined 80.91 points or 0.29 per cent to 27,446.31, with sectoral indices led by IT, teck, auto and infrastructure accounting for much of the losses, falling by up to 0.43 per cent.

The index had lost 414.29 points in the previous three sessions.

Also, the NSE Nifty was trading lower by 24.40 points or 0.28 per cent at 8,489.60.

Brokers said steady capital outflow by foreign funds and a weak trend at other Asian markets with uncertainty over the US presidential election sending investors rushing for the sidelines, kept the domestic bourses here on a sticky wicket.

Shares of ONGC, Tata Motors, Bharti Airtel, Wipro, Bajaj Auto, Sun Pharma, M&M and Infosys witnessed selling pressure, which pulled down the indices.

Hong Kong’s Hang Seng fell 0.42 per cent while Shanghai Composite declined 0.19 per cent in early trade today.

Japanese financial markets are closed for a ‘public holiday’.

The Dow Jones Industrial Average ended 0.43 per cent down yesterday even as the Federal Reserve kept the benchmark interest rate at the same level where it has been since December 2015.

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