The BSE benchmark Sensex declined by 100 points in early trade Thursday after investors' confidence was shaken by yesterday's serial bomb blasts in the country's financial capital, amid a weakening overseas trend.
Mumbai: The BSE benchmark Sensex declined by 100 points in early trade Thursday due to selling pressure in the IT sector after Moody's Investors Service said it may cut the United States' triple-A credit rating.
Bomb blasts in three places in Mumbai yesterday evening and weak Asian cues also dampened the market sentiment.
Among the 30-member Sensex pack, 23 stocks fell, while the remaining rose.
The BSE benchmark Sensex resumed lower at 18,563.69 and dropped further to 18,449.23 before quoting at 18,496.06 at 1015 hours, showing a net loss of 99.96 points, or 0.54 percent, from its last close.
The NSE'w 50-share Nifty also moved down by 27.55 points, or 0.49 percent, to 5,557.90 at 1015 hours.
The major losers were M&M (down 1.77 percent), Infosys (1.66 percent), Hero Honda (1.20 percent), ONGC (1.10 percent), Rel Com (0.97 percent), Wipro (0.89 percent) and Hindustan Lever (0.86 percent).
Asian stocks fell in early trade after Moody's on Wednesday said it may cut the United States' triple-A debt rating. The key benchmark indices in Hong Kong, Japan, Singapore, Taiwan and South Korea were down by about 0.14 percent to 0.72 percent, while indices in China and Indonesia rose by between 0.06 percent and 0.14 percent.