Sensex tanks 133 pts in early trade on Asian cues
Mumbai: The benchmark BSE Sensex lost 133 points to 25,571.97 in early trade today on sustained fund outflows amid weak trend at other Asian markets.
Besides, depreciating rupee to a two-month low of 67.20 against the US dollar also had a bearing on the sentiment.
The 30-share index fell 132.64 points or 0.51 per cent to 25,571.97 with sectoral indices led by teck, FMCG, banking, IT, PSU, metal and oil&gas, were trading in the negative territory with losses up to 0.42 per cent.
The gauge had lost 69 points in the previous session.
The 50-share NSE Nifty also dropped by 40.60 points or 0.51 per cent to 7,829.55.
Brokers said continued selling by participants, tracking a weak trend in other Asian markets after the minutes of the Federal Reserve’s end-April meeting showed the central bank far more bullish about a possible June rate hike than the markets had understood, dampened sentiments.
Meanwhile, Mamta Banerjee-led TMC has surged ahead of the Left-Congress alliance in West Bengal, BJP was ahead in Assam while AIADMK and LDF were leading their rivals in Tamil Nadu and Kerala, according to early trends as the counting of votes began for four state Assembly polls.
Among other Asian markets, Japan’s Nikkei fell 0.05 per cent while Hong Kong’s Hang Seng shed 0.44 per cent in early trade today.
The US Dow Jones Industrial Average closed 0.02 per cent lower in yesterday’s trade.