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Sensex drops 140 points, Nifty touches 10,750 on weak Asian cues


NEW DELHI: Domestic equity benchmarks Sensex and Nifty extended their losing streak into Thursday’s session as both key indices opened in the red amid selling in most sectors.

Asian peers were cautious as investors eyed progress in the US-China trade talks. Crude oil climbed in global markets after Saudi Arabia signalled a cut in crude production and exports.

Sensex dropped 140 points and Nifty touched 10,750 on the downside in early deals. However, both the indices soon trimmed losses as around 9:30 am, the BSE Sensex was 56 points or 0.16 per cent down at 35,978 and Nifty was 29 points or 0.27 per cent down at 10,765.

The BSE Midcap and Smallcap indices were 0.24 per cent and 0.29 per cent down, respectively, at that time.

Technical charts indicate market is in bearish mood. The Nifty50 index on Wednesday settled below the 10,800 level and as per analysts, a drift towards the 10,720-10,700 range looks highly probable in the coming sessions.

Shares of YES Bank surged nearly 29 per cent after RBI cleared the lender of any disparity in reporting bad loans, known as divergence in market parlance.

Hero MotoCorp, Tata Motors, Bajaj Auto and Maruti were also among the gainers in the Sensex kitty. On the flip side, Bharti AIrtel, Coal India, Kotak Mahindra Bank, NTPC and Bajaj Finance were among the top losers in the Sensex index.

Among the 31 stocks (including Tata Motors DVR) in the Sensex pack, 13 were in the green and 18 were in the red.

Gains in shares of Hero MotoCorp, Maruti, Bajaj Auto, Eicher Motors and Tata Motors were keeping the BSE Auto index up while other sectoral indices were either down or flat.

The BSE Telecom pack fell over 3 per cent on losses in shares of index majors, including Bharti Airtel, Bharti Infratel, Vodafone Idea, Reliance Communications, Tata Communications and HFCL.

Meanwhile, foreign portfolio investors (FPIs) sold Rs 673 crore worth of domestic stocks on Wednesday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 713 crore, data suggested.

ONGC, Ashok Leyland, Jet Airways, Bharat Dynamics, Cox & Kings, HDIL, Unitech, IFCI, Voltas, GSK Healthcare, GSK Pharma, Eveready Industries, Gammon Infra, Alok Industries, Anant Raj and APL Apollo Tubes, are among companies which are scheduled to report their quarterly earnings today.

Source: Economic Times