BSE Sensex snaps 2-day winning spree, moves southwards
Mumbai: The S&P BSE benchmark Sensex snapped two-day winning spree by slipping 89 points in early trade Tuesday due to selling pressure in rate-sensitive counters mainly in banking, consumer durable and auto amidst capital outflows from foreign funds.
Shares of refinery and power sectors also declined on profit-booking at the current levels.
The Sensex resumed slightly higher at 19,329.17, but declined immediately to 19,227.11 before quoting at 19,236.98 at 1030 hrs, showing a net loss of 88.89 points, or 0.46 percent, from its last close.
The NSE 50-share Nifty also dropped by 30.65 points, or 0.52 percent, to 5,819.40 at 1030 hrs.
Major losers were Tata Motors (1.97 percent), Gail India (1.19 percent), ICICI Bank (1.04 percent), Hindalco Ind (1.03 percent) and HDFC (0.92 percent).
Foreign institutional investors sold shares worth a net Rs 165.09 crore yesterday as per provisional data from the stock exchanges.
Asian stocks were mixed in their early trade. Key benchmark indices in Indonesia, Taiwan, Singapore and South Korea rose by 0.16 percent to 1.61 percent, while indices in China, Hong Kong and Japan fell by 0.22 percent to 0.7 percent.