Sensex falls over 150 points; banking, IT stocks drag

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Mumbai: Domestic equity benchmark BSE Sensex fell over 150 points in early trade Wednesday dragged by losses in banking and IT stocks amid negative global cues. The 30-share index was trading 158.33 points, or 0.40 per cent, lower at 39,792.13 at 0940 hours. Similarly, the broader NSE Nifty was quoting 44.95 points, or 0.38 per cent, down at 11,920.65. Top losers include Yes Bank, Bajaj Auto, Bharti Airtel, HCL Tech, HDFC twins, Kotak Bank, TCS and Infosys, shedding up to 2.55 per cent. On the other hand, Vedanta, Tata Steel, IndusInd Bank, Sun Pharma, Asian Paints, RIL and ITC fell up to 1.25 per cent.

According to experts, market mood turned negative tracking weak cues from other Asian markets amid escalation trade war tension between the US and China. US President Donald Trump Tuesday said he was not interested in a trade deal unless China agreed to four-five major points. “We had a deal with China and then they went back on the deal. They said, ‘We don’t want to have four major points, five major points’. So we changed it. But we had a deal with China. Unless they go back to that deal, I have no interest,” he said.

Investors were also cautious ahead of the release of inflation numbers, scheduled for release later in the day, traders said. Elsewhere in Asia, bourses in China, Japan and Korea were trading on a weak note in their respective early sessions. On the currency front, the Indian rupee appreciated 7 paise to 69.37 against the US dollar. The global oil benchmark Brent crude futures were trading 1.36 per cent lower at 61.44 per barrel.

In the previous session on Tuesday, the BSE gauge rose 165.94 points, or 0.42 per cent, to close at 39,950.46; while the Nifty gained 42.90 points, or 0.36 per cent, to settle at 11,965.60. Foreign institutional investors bought equity worth Rs 95.79 crore, while domestic institutional investors sold shares to the tune of Rs 151.01 crore, provisional data available with stock exchanges showed on Tuesday.