The Sensex and Nifty were trading lower today tracking lower Asian markets amid weak global cues. While the Sensex fell 356 points to 35,528 level, the Nifty was down 126 points or 1.18% to 10,655 in early trade. Tracking stock market action, the rupee fell below the 71 per dollar mark in early trade amid strengthening American currency and weak opening in the domestic equity market.
Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit.
Sun Pharma was the top Sensex gainer rising 1.79% followed by PowerGrid (0.44%). Top Sensex losers were Maruti (3.46%) , ONGC (2.61% ) and Vedanta (2.12%). Of 30 Sensex stocks, 28 were trading the red.
Market breadth was negative with 485 stocks rising compared to 1459 falling on the BSE.
BSE midcap and small cap indices fell 177 points and 166 points to 14736 and 14171 levels, respectively. Among sectoral indices, the BSE bankex index emerged as the worst performer by falling 1.32% per cent or 389 points, followed by BSE auto shedding 1.66 per cent, capital goods (1.39%) and consumer durables 1.60%.
All 19 BSE sectoral indices were trading in the red.
On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.
Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at USD 61.05 per barrel.
Asian stock prices fell Thursday amid growing uncertainty about the global economy, President Donald Trump's tariff policies on China and a holiday on Wall Street. Markets in New York were closed overnight for the national day of mourning for former President George H. W. Bush.
Japan's benchmark Nikkei 225 fell 1.8 percent to 21,525.48. Australia's S&P/ASX 200 lost 0.6 percent to 5,635.60 in early trading. South Korea's Kospi dipped 0.9 percent to 2,081.68. Hong Kong's Hang Seng dropped 2.1 percent to 26,255.60, while the Shanghai Composite was down 0.8 percent at 2,628.22. Shares were also down in Taiwan.
The Federal Reserve said there were concerns about higher tariffs from a widening trade war, rising interest rates and tight labor markets. Trump's get-tough approach to trade was causing rising costs for manufacturers and weaker sales at companies, it said.
Edited by Aseem Thapliyal